Pros
For the market I'm located in, Navy Federal is one of the highest-paying financial institutions. It's also fairly easy to sell Navy Federal's services, because their rates are incredibly competitive - which is a plus when you're working in the marketing department. I'm given a fair amount of power to make decisions in my position, which is great. Also, jobs are and always have been very secure at Navy Federal - even when the economy tanked. Even when a particular area might close, Navy Federal always works to setup employees with other positions.
Cons
Each department seems to have its own agenda, rather than all of the departments working together as one company. That's really the biggest frustration, but it doesn't change the fact that Navy Federal is a great company to work for. Every company out there has its own share of politics - it's just the nature of the beast.