PenFed Credit Union welcomes Terry Grafenstine as Chief Audit Executive, Executive Vice President

Top Audit Industry Leader Brings Decades of Experience to PenFed's Leadership Team

SAN ANTONIO, VA (May 24, 2023)PenFed Credit Union, the nation’s second largest federal credit union, is pleased to welcome Terry Grafenstine as Chief Audit Executive and Executive Vice President. Grafenstine joins the executive management team and is responsible for leading internal auditing across the enterprise.

“Terry is a highly respected leader who has advanced the auditing and accounting profession. PenFed is proud to welcome her as part of our top-level executive team,” said PenFed President and CEO James Schenck. “PenFed’s Supervisory Committee was committed to searching the country for the best and brightest leader with extensive auditing expertise to support PenFed’s mission and serve our 2.9 million members.”

With over 25 years of experience, Grafenstine is a recognized leader in the audit profession and speaks globally on auditing, accounting, cyber security, leadership, and risk. In 2021, Security Magazine recognized her as one of the top ten security professionals. In 2019, the Institute of Internal Auditors (IIA) recognized her as one of the “Top Ten Audit Thought Leaders of the Decade” and inducted her into its Hall of Distinguished Practitioners. Grafenstine has helped to advance the auditing and accounting profession through her leadership roles as a member of the IIA’s North American and global boards of directors, the American Institute of Certified Public Accountants (AICPA) board of directors, and as the global chair of ISACA. She previously held leadership positions at Citi and Deloitte and served as the Inspector General for the U.S. House of Representatives from 2009 to 2017. Grafenstine also served on PenFed’s Supervisory Committee and as chairwoman of the committee from 2014 to 2018.

“I am very excited about joining PenFed as its Chief Audit Executive,” said Grafenstine.  “Having been a PenFed member for over 30 years and as its former Supervisory Committee chair, it truly feels like I am returning home. I am honored to be able to support PenFed’s important mission and its 2.9 million members.”

Grafenstine is a Certified Information Systems Auditor (CISA), Certified Information Systems Security Professional (CISSP), Certified Internal Auditor (CIA), Certified Public Accountant (CPA), Certified in Risk and Information Systems Control (CRISC), Certified in the Governance of Enterprise IT (CGEIT) and earned a bachelor’s degree in accounting from Saint Joseph’s University in Philadelphia.

Terry Grafenstine

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 $34.6 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
Account Coordinator
+1 724 366 0397

More News