BOSTON—PenFed Credit Union Chairman Ed Cody was inducted into the Defense Credit Union Council’s Hall of Honor in a ceremony held during DCUC’s 53rd annual conference.
DCUC established the Hall of Honor in 2000 as a way to recognize individuals who have made significant contributions to the credit union community. The award highlights the accomplishments of leaders whose efforts support the credit union movement and embody the DCUC philosophy of serving those who serve our country. DCUC Board Chair Denise Floyd presented Cody with a trophy to commemorate his induction into the Hall of Honor.
At right is PenFed Chairman Ed Cody with DCUC Chairwoman Denise Floyd.
PenFed President and CEO James Schenck said, “Ed Cody has served for 34 years at PenFed and provided invaluable volunteer leadership. He is an involved, engaged source of strength who I am proud to see honored with this prestigious award. The role of the board of directors is especially critical when it comes to the success of an organization. Ed has proven time and time again to be the right leader at the right time. PenFed is fortunate to have a chairman who is such a staunch credit union advocate and a committed, supportive, forward-thinking leader."
Cody joined PenFed’s board of directors in 1982 and has been its chairman since 2013. During his time on the board, PenFed has experienced incredible change, grown by hundreds of thousands of members and by billions of dollars in assets. Cody played a key role in PenFed’s early adoption of mobile and web technology, which have been crucial to its ability to serve 1.4 million members across the globe. The credit union’s large virtual presence reduces its reliance on branches and minimizes operating costs which results in savings that members see in the form of low loan rates and high dividend yields. Cody has been a consistent and steady force behind PenFed’s sustained growth—while ensuring the credit union remains safe, sound and well positioned to face the ever-changing financial landscape.
Cody minimized the significance of his individual achievements when asked about his induction. “It is truly humbling to be inducted into DCUC’s Hall of Honor because everything that got me here is the result of my having been blessed to work with many dynamic professionals—PenFed’s outstanding board of directors, executives, managers and employees,” said Cody. “I am especially proud of the team effort it took to win this year’s Department of the Army Distinguished Credit Union Service Award. We’ve got a wonderful team at PenFed, and that’s exactly what it takes to be successful in the financial services industry,” he said.