PenFed Credit Union President and CEO James Schenck has joined the Board of Directors of the Greater Washington Hispanic Chamber of Commerce.
“PenFed has a long history supporting the Hispanic community. We are committed to delivering exceptional service to our more than 300,000 Spanish-speaking members, providing employment opportunities and dedicating our time and money to charitable causes,” said James Schenck, President and CEO, PenFed Credit Union. “I personally have accepted the mission of the Greater Washington Hispanic Chamber of Commerce to facilitate the success of Latino and other minority-owned businesses and the communities they serve. We can leverage resources of PenFed Credit Union, the PenFed Foundation and our 1,700 business partners to advance the business interests of nearly one million Hispanics in Greater Washington.”
Schenck joins the 10-member Board of Directors led by Chairman Margarita Dilone, President, Crystal Insurance. Schenck will serve a four-year term.
“We’re so proud to welcome James Schenck to the GWHCC board,” said Nicole Quiroga, President and CEO of the Greater Washington Hispanic Chamber of Commerce. “We feel this addition reflects our commitment to diversify our board and believe PenFed’s mission aligns with the mission of our chamber. James’ steadfastness to serve enables us to widen our reach, extend our network, and increase our impact.”
Nearly 20% of members who call PenFed Service Centers speak Spanish as their first language. PenFed continues to invest in scaling up those Bilingual Service Centers by hiring Hispanic employees.
PenFed serves more consumers in Puerto Rico than any other mainland-based financial institution, with nearly 200,000 members in Puerto Rico and three branches, with another to be built in the next year. Following the devastation of Hurricane Maria, PenFed provided aid packages, with a total value of more than $150,000, to every employee in Puerto Rico, and provided members with extensions on outstanding loan payments. On March 2nd, PenFed will sponsor a free benefit concert in Puerto Rico in partnership with the Gary Sinise Foundation and American Airlines, featuring the Lieutenant Dan Band. Over the past five years, PenFed has donated more than $1 million to Hispanic causes throughout the United States.
Schenck, who joined PenFed in 2001, has served as its President and CEO since April 2014. Under his leadership, PenFed’s assets have grown from $17.6 billion to $23 billion, annual net income has increased from $138 million to $179 million, and membership has grown from 1.3 million to 1.6 million. In a nationwide vote conducted by Credit Union Magazine in 2017, Schenck was elected the National Credit Union Hero of the Year.
Schenck also serves on the boards of the U.S. Chamber of Commerce, Carriage Services (NYSE: CSV), Lasermax Defense, the Northern Virginia Chamber of Commerce, and the Northern Virginia Technology Council. A graduate of West Point and Harvard Business School, Schenck flew Blackhawk helicopters in Korea. While in the military, Schenck served on the Army Staff in the Office of the Deputy Chief of Staff for Operations and Plans and was later selected to serve as a Special Assistant to the Secretary of the Army. He received the Legion of Merit for his contribution to the Army by overseeing the creation of the $453 million Army University Access Online educational initiative. He remains an active advocate on behalf of military and veterans’ issues nationwide.