James Schenck
- President/CEO, PenFed Credit Union
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Articles by James Schenck
To Find Success In AI Transformation, Put Your People First
James R. Schenck is President and CEO of PenFed Credit Union and CEO of the PenFed Foundation for Military Heroes. As AI reshapes the workplace, effective leadership increasingly depends on how C-suite executives communicate cultural change. While AI transformation will look different for each business, the way CEOs and business leaders guide employees through shifts will differentiate successful leadership from those that fall behind.
The Data Revolution: Transforming Credit Union Marketing for the Digital Age
Credit/Adobe Stock The credit union marketing landscape has been undergoing a radical transformation. As we navigate the digital age, the intersection of AI and data-driven strategies with member-centric missions has become increasingly crucial. Credit unions now face the challenge of leveraging sophisticated data analytics while maintaining their core values of personalized service and member focus.
Old Habits, New Tech: Bringing Progress to Credit Union Payment Strategies
Credit/Shutterstock Your members' old payment habits aren't just hard to break – they are expensive to maintain. November 07, 2024 - Orlando This event shines a spotlight on the individuals, teams, projects and organizations that are changing the financial industry.
How to Win This Budget Season
Even during economic downturns, making marketing an investment will set your credit union up for success. Credit/Shutterstock Budget season is upon us, and that means it's time for one of the most debated questions in the credit union world: "How much should we spend on marketing?" November 07, 2024 - Orlando This event shines a spotlight on the individuals, teams, projects and organizations that are changing the financial industry.
Member-Supported Credit Union Mergers Create a Stronger, Safer Industry
Mergers aren't driven by CEOs looking to grow; rather, members themselves participate in a democratic process. Credit/AdobeStock Credit unions are and always have been based on the principles that members know best what they want and need from their financial institutions. Members have the right to create those institutions through the boards they elect and leadership teams they hire. This is the critical differentiating characteristic of credit unions. Members are not customers; they are owners.
Council Post: Financial And Cultural Benefits Of Raising Future Service Dogs In The Office
James R. Schenck is President and CEO of PenFed Credit Union and CEO of the PenFed Foundation. As business leaders, we understand that tying our work to real-world impacts is essential to creating a standout company culture. Looking for new and creative ways to cement a strong, healthy work environment is a defining mark of exceptional leadership.
Council Post: How To Avoid And Recover From The Holiday Debt Trap
James R. Schenck is President and CEO of PenFed Credit Union and CEO of the PenFed Foundation. Americans kicked off this holiday season with record-breaking spending during the five-day Black Friday and Cyber Monday shopping weekend, and that spending spree is all but guaranteed to continue in December.
Council Post: Two Ways To Stay Ahead Of The Inflation Curve
James R. Schenck is President and CEO of PenFed Credit Union and CEO of the PenFed Foundation. For Americans of a certain age, the word “inflation” conjures painful memories of long lines at the gas station, President Ford’s unsuccessful “Whip Inflation Now” campaign, and the tough choice between paying for food or fuel. Nearly half a century later, surging inflation and the heartbreaking stories of families having to choose between food or fuel once again dominate the news cycle.
3 Strategies to Grow Your Credit Union
Source: Shutterstock Credit unions are in a strong growth position in 2021. The NCUA reported 128.8% growth in net income for credit unions over the year in the second quarter, with shares and deposits rising $196 billion to a total of $1.58 trillion. That doesn’t mean credit unions have it easy. Credit unions still have to find new and attractive ways to bring in new members, deliver stand-out financial products and boost our balance sheets.
Now is a great time to expand: But do you know what to look for in a new location?
We’re living through one of the most explosive periods of economic growth in recent history. After the pandemic shuttered storefronts and stalled the economy, businesses both small and large are today roaring back into action. I think that’s especially true for credit unions. Credit unions have always been the financial industry’s best-kept secret.
Council Post: CEOs Don’t Need To Wait For Congress To Act On The Minimum Wage Hike
James R. Schenck is President and CEO of PenFed Credit Union and CEO of the PenFed Foundation. getty The current federal minimum wage of $7.25 per hour is a disgrace. At $7.25 per hour, an employee working 40 hours per week, 52 weeks per year (with no time off) will earn roughly $15,000 annually — before taxes. Now imagine that this worker is a single parent or caretaker. Imagine that one of these children or family members struggles with a medical issue or has special needs.
The right recruiting philosophy can lead to record lending volume
Credit unions share three commonalities that differentiate us from other financial institutions: 1) great rates; 2) dedication to member service; and 3) inspired leadership. Achieving the third is the most important factor in accomplishing the first two. No CEO works in a vacuum. The most important job of any president or CEO is being able to find, recruit and retain the right leaders for the team. Over the past three years, I made two of the best hiring decisions of my career.
Council Post: Putting The Right Leaders In The Right Places
James R. Schenck is President and CEO of PenFed Credit Union and CEO of the PenFed Foundation. getty Over the past three years, I made two of the best hiring decisions of my career. In 2018, I hired a powerhouse executive to lead PenFed’s mortgage division. In January 2020, I tapped a former U.S. Army intelligence officer and Harvard Business School graduate to lead our consumer banking team. It’s not cheap to hire the best leaders, and you get what you pay for.
Credit unions can withstand pandemic fallout and achieve great success in 2021
In his last speech as National Credit Union Administration (NCUA) Chairman, Rodney E. Hood spoke at PenFed’s Board Education Conference. It was his first in-person public event since the global pandemic was declared in March of 2020. Chairman Hood’s positive outlook for the credit union industry reinforced what I am seeing as president and CEO of PenFed – a strong 2021. Throughout our history, credit unions have weathered storms. Our industry grew fastest during the Great Depression of the 1930s.
The Credit Union Difference Shines Even Brighter in Difficult Times
Expert Opinion Learn four areas where credit unions can stand out in 2021. Source: Shutterstock It’s not just great rates and low fees that are attracting members to credit unions. After a difficult year, Americans are reevaluating how well the institutions they use and support can serve them during tough times. This is especially true for financial institutions; a recent McKinsey study found that financial strife has played a key role in Americans’ rising anxiety over the past year.
Pandemic can be an opportunity for credit unions, not an obstacle
COVID-19 has posed unprecedented challenges to the financial world. Like most companies, credit unions have had to adapt to the pandemic by working remotely, implementing more drive-through services and expanding digital resources. But the values that have guided credit unions for years can also guide us in our response to the pandemic. If we refocus on our people-first values, the pandemic becomes less an interruption of service than an opportunity to render service in innovative ways.
Business Leaders, Stay The Course And Keep Moving Forward
James R. Schenck is President and CEO of PenFed Credit Union and CEO of the PenFed Foundation. getty Almost all investors lost money at some point this year. On Monday, March 9, the Dow Jones Industrial Average (DJIA) saw the point drop in its history. Three days later, and four days after that, the stock market saw two more record-setting plunges. Since then, the market is up roughly 39%, as of this writing. From spring through mid-August, stocks saw their greatest 100-day gain since 1933.
Effective Leaders Hire Great Leaders
James R. Schenck is President and CEO of PenFed Credit Union and CEO of the PenFed Foundation. getty Early in my career in the Army, I learned an important lesson: Leadership isn't a solitary endeavor. As a Black Hawk helicopter pilot, I quickly learned the value of every member of the team.
Five tips for preparing for uncertain times
After 9/11, PenFed built a strategic plan to transform our business within a decade to be 95% remote and only 5% brick and mortar. Over the years, our branches have encountered challenges (like hurricanes in Puerto Rico and blizzards in Nebraska), but the coronavirus pandemic has been the greatest test of our business model to date. What we have learned is that the model works – largely because we were prepared for what was to come, and we spent a decade rehearsing for it.
For Its Own Sake, The Nation Needs Risk Mitigation, Not Risk Avoidance
James R. Schenck is President and CEO of PenFed Credit Union and CEO of the PenFed Foundation. Getty Throughout my career in the military, it was my job to help mitigate risks for others. As an aviation officer and Black Hawk helicopter pilot in the U.S. Army, I rehearsed countless flight missions and emergency procedures to protect my co-pilot and soldiers on board. My flight platoon and I flew in dangerous circumstances nearly every day. We flew at night. We flew low level.
Four Ways To Combat The Stress Of Uncertainty, From A Former Army Helicopter Pilot
Photo: Getty Early in my Army career, I flew Black Hawk helicopters in Korea. My deployment was supposed to be one year — but then it was extended for an unknown period of time. It was a challenging and uncertain time. I missed home. I missed my family. And I had no idea when I would go back to the United States. I wasn’t alone; many military members frequently face situations of unpredictability. Thousands at a time spend months on a boat or a submarine. Deployments are extended.
Why You Should Streamline Your Leadership Communications
Photo: Getty The average professional spends over 200 minutes checking their work email each day. And when you consider how much time managers and executives spend in meetings, that leaves little time for other work duties — especially the innovation and ideation that’s so important to company growth. As leaders, we have to set a communications precedent. This doesn’t mean eliminating communication altogether. I’ve often argued that the key to a connected workforce is communication.
4 Things to Know About Failure That Can Help You Succeed
Failure can lead to success. If there’s one thing Americans love, it’s a good comeback. Comebacks inspire us to learn from failures and persevere until we succeed. I am still inspired by the New England Patriots’ historic comeback in Super Bowl LI. To me, even more amazing than their 31-point comeback was their leaders’ determination to learn from their failures.
Looking To Grow Your Business? You Must Be Willing To Change
Embracing change is critical to business growth. Yet human nature causes many to resist change. It’s against our nature to abandon business plans that succeeded in the past. So how can you make sure your business doesn’t get left behind? Of the companies listed on the Fortune 500 in 1955, fewer than 11% remained on the list in 2018, according to think tank American Enterprise Institute.
As Digital Finance Grows, Banking Providers Shouldn't Lose The Art Of Human Interaction
Over the past decade, financial institutions have increasingly leveraged digital technologies to make banking more accessible and more efficient. Keeping pace with technology is critical to a credit union’s or bank’s survival in the digital era; mobile deposit options, for example, are a “must have” for today’s financial institutions, not just a “nice to have.” But the advent of new technology also means that quality human interaction in finance is more important than ever.
Mindfulness Programs Are The Next Big Thing In Business Leadership
Great leaders in business know the importance of competitive benefits, growth opportunities and a culture that supports a work-life balance for its team members. But here’s one offering many may not have considered: mindfulness. I had a chance to see what mindfulness looks like when I visited American Samoa a few weeks ago on a work trip.
What credit unions should know about the uncertain economic environment
Focus on earnings and capital, and dissuade panic among members, PenFed’s CEO says. There is a lot of uncertainty – and even panic – behind the current inverted yield curve, because an inverted yield curve has preceded every recession over the past 50 years (source: Financial Times). But this time our nation may not even be headed for a recession at all. An inverted curve comes when interest rates for long-term bonds trade at a lower yield than short-term bonds.
What Credit Unions Should Know About the Uncertain Economic Environment
Expert Opinion Focus on earnings and capital, and dissuade panic among members, PenFed’s CEO says. Economic outlook for credit unions (Image: Shutterstock). There is a lot of uncertainty – and even panic – behind the current inverted yield curve, because an inverted yield curve has preceded every recession over the past 50 years (source: Financial Times). But this time our nation may not even be headed for a recession at all. Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.
Don't panic about the inverted yield curve, it doesn't always mean recession
We’re facing a “yield curve inversion” — when short-term interest rates exceed long-term rates. Some economists are predicting an economic downturn, calling attention to the fact that this market phenomenon has preceded every recession over the past 60 years. But consumers shouldn’t panic. An inverted yield curve is no guarantee of a recession — and if consumers and our government make smart decisions, we could further extend our nation’s greatest economic expansion.
Don't panic about the inverted yield curve, it doesn't always mean recession
James R. Schenck, Opinion contributors Published 7:00 a.m. ET June 11, 2019 America is facing a yield curve inversion, but this doesn't mean a recession is coming. Consumers should diversify their investments and avoid panic. We’re facing a “yield curve inversion” — when short-term interest rates exceed long-term rates. Some economists are predicting an economic downturn, calling attention to the fact that this market phenomenon has preceded every recession over the past 60 years.
The 3 Keys to Recruiting and Retaining Top Talent in a Tight Labor Market
This year, Amazon will begin hiring for the first of 25,000 new jobs it is bringing to northern Virginia. This is a big win for the local economy, but this influx of open jobs in the midst of the tightest labor market in decades means DC-area companies will need to be more competitive than ever to recruit and retain top talent. An important rule in business is that if you want to sell a product or service, you should design it based on what customers want.
Credit unions are for people, not for profit: PenFed CEO responds to bankers
PenFed's leader states his case for the emergency merger with Progressive CU and pushes back on critics in the banking industry. This month, Progressive Credit Union successfully merged with PenFed Credit Union as part of an emergency merger that allows PenFed to support all of Progressive’s current members and loans in the months and years ahead. Critics in the banking industry complain that this merger gives PenFed an open charter, allowing anyone nationwide to join.
Credit Unions Are For People, Not For Profit: PenFed's CEO Editorial
Expert Opinion PenFed's leader states his case for the emergency merger with Progressive CU and pushes back on critics in the banking industry. James Schenck, President and CEO of PenFed Credit Union. This month, Progressive Credit Union successfully merged with PenFed Credit Union as part of an emergency merger that allows PenFed to support all of Progressive’s current members and loans in the months and years ahead.
Veterans are sleeping in their cars to access medical care - and it's only getting worse
In major cities across the country, hotels can cost upwards of $300 per night. This is what some veterans are having to pay to receive life-saving treatment at VA hospitals. With over 20 million veterans currently living in the U.S., the issue is only getting worse. Veterans who live far from the facilities that best treat their conditions have to pay out-of-pocket for hotels the night before they are admitted, or during long-term outpatient treatment, like chemotherapy.
People Helping People: How CEOs Can Make A Difference In A Crisis
As we approach the six-month anniversary of Hurricane Maria’s landfall on Puerto Rico, public attention may be moving in other directions, but the storm impacts are far from over. Yes, the wind and the rain have stopped, but I have been there twice – once immediately after the storm and again this month – and I can tell you, Maria is still affecting the lives of Puerto Ricans every day. Almost 10,000 Puerto Ricans are currently living in temporary housing in 37 states and the U.S. territories.
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