PenFed touts substantial membership, loan growth for 2020


The nation's third-largest credit union saw a huge lending spike in 2020, especially in its mortgage division, while membership grew by 159%, thanks in part to merger activity.


PenFed CEO: 'Our platform is suitable for all of America'


CEO James Schenck says the institution's military focus means it must provide services for a group of consumers who move every few years. That has helped it focus more on mobile services and less on brick and mortar.


Merger would expand PenFed's reach to Wisconsin


The deal, PenFed's second merger announcement with a significantly smaller credit union, would expand its footprint into the Midwest.


The questions credit unions must ask when choosing technology vendors


Institutions considering new technologies must ask themselves what they're looking for not just from a product but from a partner.


PenFed set to absorb midsize Long Island credit union


Members of Sperry Associates FCU will vote on a deal to merge into the nation's third-largest credit union. Both institutions have roots in serving the defense sector.


NCUA’s low-income designation hurts service members


A decision that expands the low-income definition to all active-duty military personnel will only enable large credit unions to push out smaller competitors, removing choice for people in the military.


Banker concerns about credit union mergers are overblown


The banking industry is unduly worried that recent credit union deals could open the door for anyone to join.


PenFed deal feeds bankers' fears of unlimited credit union membership


An “emergency merger” with the troubled Progressive Credit Union gives PenFed — already the nation’s third-largest credit union — the ability to welcome any potential member nationwide.


PenFed denies AML allegations; BofA's digital chief is leaving


The credit union says employee charges that its AML program is deficient are false; Michelle Moore, who helped launched the Erica digital assistant, wants more time with family.


CUs are not neglecting their core membership


Credit unions remain committed to their central missions as they grow, says PenFed’s chairman.