At a moment when the credit union industry is navigating political scrutiny, technological change and persistent economic uncertainty, Carrie Hunt says the mission of the nation’s largest credit union remains straightforward: serve members first.

Hunt, the senior vice president of partnership and government affairs at Navy Federal Credit Union, spoke about that mission during an interview at the Governmental Affairs Conference hosted by America’s Credit Unions in Washington.

Based in Vienna, Va., Navy Federal is the largest credit union in the world, serving more than 15 million members and managing more than $197 billion in assets. The institution primarily serves active-duty military personnel, veterans and their families, a membership base that shapes both its products and its advocacy priorities in Washington.

It earned $1.9 billion in 2025 after reporting net income of $1.7 billion in the prior year, according to NCUA call report data.

“Even though we’re the largest credit union in the world, we’re not-for-profit, member owned, cooperative, just like every other credit union,” Hunt said.

Hunt joined Navy Federal late last year after more than two decades in credit union advocacy. She previously served as chief advocacy officer at America’s Credit Unions and earlier as president and chief executive of the Virginia Credit Union League.

After just a few months inside the organization, Hunt said she was struck by the scope of services provided to military families — many of which are designed for the unusual circumstances that accompany military life.

“I was already a Navy Federal member, but I didn’t even know all of the full scope and breadth of products and services,” Hunt said.

Some of those offerings are tailored to the realities of deployment, frequent relocations and financial pressures faced by young service members early in their careers. Financial education plays a central role, particularly when it comes to helping members establish credit responsibly.

“You know, it’s not always a great idea to have a credit card right out of the gate when you have a pretty small paycheck,” Hunt said. “So how do we help our members save money? How do we help them build their credit and do it responsibly?”

Story continued below…

The credit union’s partnerships are a key channel for delivering those services. Hunt highlighted a collaboration with the United Service Organizations, better known as the USO, which works with military communities around the world.

“We’ve been really working with them to enhance the materials that they have, so that they can use their network to reach military members,” Hunt said. “We can use our network to do the same, and it’s a really wonderful collaboration.”

The effort reflects a broader philosophy that has guided Navy Federal’s growth: meet members wherever they are, whether digitally, over the phone or in person.

The credit union continues to expand its branch footprint, Hunt said, but the role of branches has evolved.

“Branches have evolved in terms of not just being somewhere where you go to do a transaction, but it’s really more service oriented,” she said.

At the same time, Navy Federal has invested heavily in digital banking tools and call center operations to reach members who may live far from a physical branch.

Hunt said she recently spent time listening to calls alongside a member service representative in one of the credit union’s call centers.

“Even though we don’t have branches everywhere, I think that the service that we provide in those answers, it’s just top notch, gold star,” she said.

The digital shift has also allowed the institution to measure engagement in new ways, from tracking how members interact with financial education tools to analyzing how online services are used.

“We know when people are clicking. We know when they’re actually using those tools,” Hunt said. “But we also get feedback through our members, either in branch or through the call center.”

Still, Hunt said technology alone cannot solve the financial challenges many members face.

Among the most pressing issues is affordability — a broad term that encompasses everything from everyday expenses to the rising cost of housing.

“There has been a lot of discussion in politics right now on what affordability means,” Hunt said. “We don’t think that it’s necessarily a single solution.”

Credit unions, she said, must remain active participants in the policy debates shaping financial services.

“We have to show what that nexus is between that policy change and how it impacts someone who’s just an everyday constituent and voter,” Hunt said.

Advocacy work is particularly important because many policymakers are unfamiliar with the operational constraints placed on credit unions, she said.

“I can’t tell you how many times I’ve been in a congressional office — and I’ve been doing advocacy now for 20-plus years — and everyone will say, ‘Oh, I love credit unions,’ but they don’t know that we have a usury ceiling,” Hunt said. “They don’t know that we have limited investment authorities. They don’t know that we can’t do everything banks do.”

At the same time, the industry must keep pace with financial innovation, from artificial intelligence to digital currencies.

“All of the discussion on stablecoins and all of these issues that are really at the forefront, we have to be a part of this too,” Hunt said. “If our members want that, then we have to be able to provide it.”

Whatever the technology, she said, the defining difference between credit unions and other financial institutions remains their member-focused structure.

“The difference is we do it with consumer focus,” Hunt said. “Everything we do is through this consumer focus lens.”

One of the most difficult challenges facing financial institutions today, she added, is fraud.

Criminal schemes have grown more sophisticated in recent years, fueled in part by advances in artificial intelligence that can mimic voices or impersonate legitimate institutions.

“Fraud is absolutely, incredibly challenging,” Hunt said. “It ends up being expensive and really demoralizing in a lot of ways for everyone.”

Financial institutions can improve security systems and authentication tools, she said, but member education and stronger law enforcement responses are also necessary.

“There’s a balance between the member experience from a frictionless standpoint and having to do the backend,” Hunt said.

Despite those challenges, Hunt said she believes the credit union system remains resilient.

Navy Federal’s growth, she said, reflects the continued demand for cooperative financial institutions.

The credit union now counts more than 15 million members — a number Hunt said represents millions of households gaining access to affordable credit.

“If you look at the Federal Credit Union Act, it says credit unions exist to provide provident credit,” Hunt said.

For Navy Federal, that mission remains closely tied to the military community it serves. The credit union has also stepped in during past government shutdowns to help federal employees and service members manage interruptions in pay.

“We just make sure that we are laser focused on our members and do what’s in their best interests,” Hunt said.

That focus, she added, ultimately explains why the institution has grown so large.

“If we are meeting our members with their needs — whether it’s digital banking, whether it’s additional assistance on your student loan, whether it is a different type of credit card — then that’s where the growth comes from,” Hunt said.

“We build it, people see the value, and they use our products and services.”