PenFed Credit Union celebrates 2 million members with pledge to give $2 million to support communities

PenFed will provide over $2 million directly to charities and through the PenFed Foundation in 2020

TYSONS, VA (May 18, 2020) — PenFed Credit Union, the nation’s second-largest federal credit union, today announced the welcoming of its 2 millionth member. PenFed is celebrating all 2 million members by donating over $2 million in 2020 to charities supporting the communities it serves and to the PenFed Foundation supporting military families.

“PenFed is proud to celebrate the major milestone of serving 2 million members,” said James Schenck, PenFed Credit Union President/CEO and PenFed Foundation CEO. “This milestone is made possible by the 2700 dedicated financial professionals at PenFed who serve our members every day. PenFed is owned by 2 million Americans from all walks of life across the United States, and our mission is to empower the members of our community to achieve their financial well-being. That’s why in addition to delivering great rates for everyone, PenFed is donating $2 million to support the communities in which our members live and work. This truly represents the credit union mission of people helping people.”

“On behalf of America’s credit unions, I want to congratulate PenFed for reaching 2 million members,” said Jim Nussle, Credit Union National Association (CUNA) President and CEO. “Such an accomplishment deserves celebration, but donating $2 million to community needs in recognition of hitting this milestone speaks volumes of PenFed’s commitment to our movement’s people-helping-people mission. When credit unions talk about our difference in supporting members and our communities, we are referring to efforts like this and all the ways PenFed supports the financial well-being of its members on a daily basis.”

“We congratulate PenFed on serving 2 million members,” said Dan Berger, National Association of Federally-insured Credit Unions (NAFCU) President and CEO. “This milestone is a testament to their dedication to exceptional member service. James Schenck and his team, as well as their Board of Directors, should be proud.”

“PenFed is an outstanding credit union that has always focused on the financial health and needs of its members,” said Tony Hernandez, Defense Credit Union Council (DCUC) President and CEO. “The Defense Credit Union Council congratulates PenFed on its 2 million member milestone, which reflects on the high level of trust America’s working families place on PenFed’s products and services along with all the benefits of membership. DCUC is also pleased to see $2 million going back to America’s defense communities in recognition of this milestone, as this will help rebuild and sustain the places where our military works, plays and lives.”

PenFed is also celebrating two other major milestones this year: 85 years in business and $25 billion in assets.

About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.9 million members worldwide with nearly $35 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit, like us on Facebook and follow us @PenFed on X. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.


Abagail Chambers
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