ALEXANDRIA, Va.-The $20-billion PenFed Credit Union said it is reaffiliating with CUNA, but it will not be reaffiliating with the Virginia league.
“Any organization is only as good as its people,” said PenFed President and CEO James Schenck in a statement. “My philosophy is to constantly surround PenFed internally and externally with the best and the brightest to lead the credit union movement forward. There are no better people or leaders than CUNA President and CEO Jim Nussle and National Credit Union Foundation Executive Director Gigi Hyland in representing and growing the credit union movement and our collective mission of financial literacy.”
Schenck said PenFed is committed to supporting the entire credit union community, and that its reaffiliation is a sign the credit union is “focused on helping credit unions of all sizes succeed in serving their members.
“We look forward to supporting the Credit Union Awareness Initiative and other programs advocated by CUNA and the National Credit Union Foundation to help America’s credit unions grow even stronger,” said Schenck.
In a statement to CUToday.info, PenFed said it opted not to rejoin the Virginia league because it is focused on “national issues.” The credit union is only able to join CUNA without joining the state league as a result of recent bylaws changes announced by CUNA.
PenFed has withdrawn and reaffiliated with CUNA and the state league several times in recent decades. It withdrew in 1995 citing costs of CUNA/league dues and a lawsuit filed by CUNA against NCUA that challenged a ban prohibiting management and board “interlocks” between leagues and corporate credit unions.
It later reaffiliated, but withdrew again after its membership expired at the end of 2004.
PenFed will also remain affiliated with NAFCU and the Defense Credit Union Council.