TYSONS, Va. – PenFed Credit Union President and CEO James Schenck has joined the board of directors of the U.S. Chamber of Commerce, while the credit union itself has just been featured in a story in Forbes.
“The U.S. Chamber of Commerce is our nation’s strongest advocate for a pro-business agenda,” Schenck said in a statement. “I am proud to serve on this esteemed board of directors and do my part to represent America’s credit unions and our nation’s veterans who are transitioning back into the civilian workforce. Together, along with the U.S. Chamber of Commerce Foundation, we will promote the Hiring Our Heroes initiative and other policies that create jobs and strengthen our economy.”
The U.S. Chamber board has 101 members and is chaired by Tom Wilson, chairman and CEO of Allstate Insurance Co. Schenck’s two-year term runs through November 2019.
“We are thrilled to have James join our board of directors,” said U.S. Chamber President and CEO Thomas J. Donohue in a statement. “Credit unions serve a unique and valuable role in our communities and economies and he will be a strong voice for the more than 100 million people that they serve. James has also proven to be an exceptional advocate for protecting the interests of our nation’s defenders, and we look forward to his help in promoting the economic interests of active-duty military servicemembers and veterans.”
Schenck, who joined the $23.5-billion PenFed in 2001, has served as its president and CEO since April 2014.
Separately, PenFed was featured in an article in Forbes last week. The story focused on how PenFed has opened a new secure operations center focused on optimizing the experience of its largely military membership. Under Schenck’s leadership, the second-largest credit union in the nation established the site and a separate backup facility to assure that the online transactions of its 1.6 million members are both safe and satisfying.
The article explained that in the “nearly four years since Schenck became PenFed's CEO, its membership has increased 26%, its net income has increased 34%, and its assets have increased 40%. Its workforce is growing too, as PenFed hires hundreds of highly skilled workers each year to support its growing credit card, mortgage and other business lines.
The article also touches on the credit union difference, saying, “Although credit unions offer many of the same services as banks, they are owned by their members rather than outside shareholders, and that creates a different kind of relationship…”