Organization
Navy Federal is chartered with NCUA as a single-sponsor credit union, with its sponsor being the Department of Defense. Like all credit unions, Navy Federal is governed by a board of volunteers, elected by and from its membership. Navy Federal also has a separate subsidiary, named Navy Federal Financial Group, which operates as a Credit Union Service Organization (CUSO). CUSOs were established by NCUA as a way for credit unions to pursue product offerings that would normally be outside of the purview of a credit union.
Read more about this topic: Navy Federal Credit Union
Famous quotes containing the word organization:
“In any great organization it is far, far safer to be wrong with the majority than to be right alone.”
—John Kenneth Galbraith (b. 1908)
“When a man’s partner’s killed, he’s supposed to do something about it. It doesn’t make any difference what you thought of him, he was your partner and you’re supposed to do something about it. As it happens, we’re in the detective business; well, when one of your organization gets killed, it’s, it’s bad business to let the killer get away with it. Bad all around. Bad for every detective everywhere.”
—John Huston (1906–1987)
“The organization controlling the material equipment of our everyday life is such that what in itself would enable us to construct it richly plunges us instead into a poverty of abundance, making alienation all the more intolerable as each convenience promises liberation and turns out to be only one more burden. We are condemned to slavery to the means of liberation.”
—Raoul Vaneigem (b. 1934)