PenFed Credit Union Expands Investment Services to More Than 200,000 Members in Puerto Rico Through CUNA Brokerage Services, Inc.
TYSONS, Va./Madison, Wis., December 11, 2019 – PenFed Credit Union, the nation’s second largest federal credit union, and CUNA Mutual Group, today announced an expanded partnership offering wealth management and investment services to more than 200,000 PenFed members in Puerto Rico through CUNA Mutual Group’s affiliate, CUNA Brokerage Services, Inc. (CBSI).
“PenFed is pleased to extend investment services to our members in Puerto Rico to help them preserve, manage, and build their finances through all stages of life,” said Shashi Vohra, PenFed senior executive vice president and president, affiliated businesses. “CUNA Mutual Group and PenFed share a common mission that centers around helping people plan for and secure their financial futures.”
PenFed members have access to a comprehensive portfolio of wealth management services including financial planning, investment management and trust and fiduciary services. PenFed Wealth Management can connect consumers with financial advisors across the continental U.S. and Hawaii. The advisors are registered representatives of CUNA Mutual.
“CUNA Mutual Group is proud to partner with PenFed to help hardworking Americans build financial security,” said Rob Comfort, President, CUNA Brokerage Services, Inc. “This new relationship will provide PenFed members in Puerto Rico access to resources that will have a positive impact on their families and the community.”
CBSI is the leading broker-dealer and registered investment advisor serving the credit union industry and offers a full range of investment and insurance solutions empowering credit unions to help their members achieve financial security. CBSI has approximately 285 credit union programs, 430 advisors, and more than $25 billion in assets under management.
PenFed has served Puerto Rico for more than a decade and has financial centers in San Juan, Fort Buchanan and Hatillo. PenFed is committed to creating jobs and stimulating the economy in Puerto Rico through the 2020 opening of an additional financial center in Ponce and the expansion of a financial literacy program.
About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America’s second-largest federal credit union, serving 1.8 million members worldwide with $25 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services. Our mission is to empower members of our community to achieve their financial well-being. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.
About CUNA Mutual Group
CUNA Mutual Group is a financially strong insurance and investment company. For generations, we’ve partnered with credit union leaders to protect and grow their businesses, and help people plan, protect and invest for their future. CUNA Mutual Group offers commercial and personal insurance products; lending and payment security solutions; and retirement, investment and marketing services. Additional information about the company can be found at www.cunamutual.com.
About CUNA Brokerage Services, Inc.
CUNA Brokerage Services, Inc. (CBSI) provides broker-dealer and registered investment advisory services to credit unions throughout the nation, offering a full range of investment and insurance products to help credit unions help their members reach a more secure financial position. CBSI, an affiliate of CUNA Mutual Group, is the leading broker-dealer serving the credit union mark. Representatives are registered, securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC , a registered broker/dealer and investment advisor, which is not an affiliate of the credit union. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution.