[3] In addition to a variety of loans, savings, and deposit accounts, PenFed also offers credit cards[4] and other financial services.

In 2018, PenFed acquired the New York-chartered Progressive Credit Union, which had failed due to taxi medallion loans in New York City[5] but which had an open field of membership charter allowing anyone nationwide to join.

Branches are located in the Washington, D.C., area (including Maryland and Virginia); California; Florida; Georgia; Hawaii; Nebraska; New Jersey; New Mexico; New York; North Carolina; Texas; and at military bases in Guam, Japan, Portugal, and Puerto Rico.

The merger gave PenFed and open charter, allowing anyone nationwide to join the once only military affiliated member credit union.

[15] In April 2021, due to its deteriorating financial performance Aspire Federal Credit Union in Clark, N.J merged with PenFed.

[20] In April 2019, four-star retired general John W. “Mick” Nicholson, Jr. became president of the PenFed Foundation, serving in this capacity until January 2022.