Board of Directors
James R. Schenck
President and CEO
PenFed Credit Union
James Schenck is president and CEO of PenFed Credit Union, headquartered in Tysons, Va. PenFed Credit Union is America's second-largest federal credit union, serving 1.6 million members worldwide with $23 billion in assets. PenFed offers market-leading mortgages, auto loans, credit cards, student loans, checking, certificates and a wide range of other financial services to the national defense community and all who support them.
Since becoming CEO in April of 2014, Schenck has led PenFed's asset growth from $18 billion to $23 billion, grown annual net income from $116 million to $179 million, and increased membership from 1.3 million to 1.6 million. In a nationwide vote conducted by Credit Union Magazine in 2017, Schenck was elected the National Credit Union Hero of the Year.
As part of PenFed's leadership team since 2001, Schenck has led most of PenFed's operating divisions. From 2011 to 2014, he was executive vice president at PenFed and president of its wholly owned subsidiary, PenFed Realty. In past years, he ran the credit union's daily operations as COO and chief administrative officer. Schenck began his credit union career as a volunteer, serving on the Board of Directors of West Point Federal Credit Union and Pentagon Federal Credit Union.
Schenck volunteers for the PenFed Foundation, which raises millions of dollars to help military Veterans heal their wounds, pay their bills, own their first homes, and start their own businesses. Schenck also volunteers for many other charities and business groups. He recently served as Chairman's Circle Sponsor of the USO's 75th Anniversary Gala, and chaired the Washington Business Hall of Fame campaign which raised $1.3 million for Junior Achievement. He also serves on the boards of the US Chamber of Commerce, Northern Virginia Chamber of Commerce, Northern Virginia Technology Council, Carriage Services (NYSE: CSV) and Lasermax Defense.
During his military career, Schenck flew Black Hawk helicopters in Korea and trained other Army aviators as a night vision goggle instructor pilot. He served on the Army Staff in the Office of the Deputy Chief of Staff for Operations and Plans, and was later selected to serve as a Special Assistant to the Secretary of the Army. He received the Legion of Merit for his contribution to the Army by overseeing the creation of the $453 million Army University Access Online educational initiative.
Prior to his assignment to the Pentagon, Schenck taught Economics and Finance at the United States Military Academy. He is a graduate of the Harvard Business School and West Point. In 2015, Schenck was selected by HillVets as one of the 100 most influential and impactful veterans in the United States.