Navy FCU, the largest credit union in the world, has named Mary McDuffie as its new president and CEO.
McDuffie, who will assume the role effective Jan. 18, 2019, has been with the credit union since 1999. She is currently its COO — a post she assumed July 1.
Prior to joining Navy Federal, she was senior vice president of marketing for Star Systems Inc.
McDuffie replaces James "Cutler" Dawson, who is retiring after 14 years with the credit union.
Born in Richmond, Va., Dawson is a 1970 graduate of the U.S. Naval Academy. His Naval career spanned 35 years before he joined the credit union.
In an August 2017 interview with S&P Global Market Intelligence at Navy FCU's Vienna, Va., headquarters, Dawson said the credit union tax exemption is a privilege. "And we have to prove that we deserve and live up to that privilege," he said.
Dawson also said it was critical for Navy FCU to continue to grow in order to remain viable.
With more than $91 billion in assets, Navy FCU will likely cross the $100 billion mark in 2019, but Dawson said he has seen no indication from either the Consumer Financial Protection Bureau or the National Credit Union Administration that Navy FCU's size is a concern. He said Navy basically operates like a small credit union. "We just happen to have a lot of members," he said.
The credit union has more than 8 million members.