PenFed Credit Union and PenFed Foundation CEO James Schenck Named to Quality of Life Plus Board of Directors

Posted May 14 2020
by Media Relations

TYSONS, Va., May 14, 2020 – PenFed Credit Union, the nation’s second largest federal credit union, today announced James Schenck, President and CEO, PenFed Credit Union, and CEO, PenFed Foundation, has been named to the Quality of Life Plus (QL+) Board of Directors. With this appointment, Schenck will bring a wealth of experience and leadership to assist Quality of Life Plus’s mission to support innovations that aid and improve the quality of life for veterans who have served our country and sustained life-altering injuries.

“I’ve witnessed first-hand the powerful impact Quality of Life Plus makes through the inspiring story of Adam Keys, an Army veteran and triple amputee,” said Schenck. “Adam still maintains a very active lifestyle as an athlete and a comedian, and he’s currently working with Quality of Life Plus to design a device to assist him with his electric wheelchair as he enters his home from outside. Quality of Life Plus fulfills the critical mission of developing solutions for our nation’s heroes, like Adam. I am honored to join this distinguished board.”

As part of PenFed’s leadership team since 2001, Schenck has led most of Penfed’s operating

divisions. Since becoming CEO in April of 2014, Schenck has driven PenFed’s asset growth from $17.6 billion to over $25 billion and raised PenFed’s membership from 1.29 million to over 2 million members.

Schenck also serves as the CEO of the PenFed Foundation, which has provided more than $38.5 million in financial support to veterans, active duty service members, families and caregivers since its founding in 2001. Schenck was recognized by Volunteer Alexandria as the Large Business Philanthropist of the Year in 2018.

Prior to joining PenFed, Schenck served as a Special Assistant to the Secretary of the Army. He also served on the Army Staff in the Office of the Deputy Chief of Staff for Operations and Plans. Prior to his assignment to the Pentagon, Schenck taught economics and finance at the United States Military Academy and served as an aviation officer and Black Hawk helicopter pilot. Schenck received the Legion of Merit for his contribution to the Army and was selected by HillVets as one of the 100 most influential and impactful veterans in the United States.

"We are indeed honored to have James join our Board,” said Lt. Gen. Ray Palumbo, Chairman of the Quality of Life Plus Board of Directors.  “His military pedigree, corporate experience, but mostly his passion to give back will help us expand our programs and better serve students and challengers across the country.  I look forward to working with James in the years ahead.”

"Quality of Life Plus is both proud and honored to have James join our Board. James is an experienced corporate leader who exemplifies leadership, wisdom, and compassion,” said Quality of Life Plus Founder and Board President, Jon Monett. “I have known James for many years and continue to marvel at how he has grown the membership and reputation of PenFed. He has a passion to help our veterans, and QL+ is a good place to do that.” 

Schenck is a graduate of the United States Military Academy at West Point and Harvard Business School.


About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) is America’s second-largest federal credit union, serving more than 2 million members worldwide with over $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 with

members’ interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit, 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 QL+: The mission of QL+ is to foster and generate innovations that aid and improve the quality of life of those who have served our country.  We challenge university students to create novel solutions to improve the lives of veterans, first responders, and service members. To learn more about QL+, visit, follow us @QLPlus on Twitter, like us on Facebook, and check us out on LinkedIn.

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