Your deposits at PenFed are federally insured by the NCUA (National Credit Union Administration). NCUA insurance is the equivalent of FDIC (Federal Deposit Insurance Corporation) insurance. The difference is that the NCUA works with credit unions while the FDIC works with banks.
You can learn more about Share Insurance at the NCUA. You can also estimate the insurance coverage on your account using the NCUA’s Share Insurance Tool Kit.