PenFed Credit Union said Monday it's rejoining CUNA, the second multi-billion dollar credit union to publicly announce its re-affiliation this year.

The Alexandria-Va.-based cooperative said its board of directors unanimously voted to rejoin national trade organization. The $19.9 billion PenFed disaffiliated with CUNA and the Virginia Credit Union League at the end of 2004.

PenFed President/CEO James Schenck said in a prepared statement that the nation's third largest credit union will also continue to support and actively participate in the Defense Credit Union Council and NAFCU, noting that the more voices representing credit unions, the more powerful the movement will be on Capitol Hill, in regulatory agencies and in the military services. However, PenFed said it does not intend to rejoin the Virginia Credit Union League.

“PenFed is committed to supporting the entire credit union community, as it is under attack with excessive regulation which has a disproportionate impact on the small and mid-size credit unions,” Schenck said. “CUNA represents nearly all 6,000 of our nation's credit unions and 100 million members. So I hope PenFed's renewed membership in CUNA sends a clear signal that PenFed is focused on helping credit unions of all sizes succeed in serving their members. We look forward to supporting the Credit Union Awareness Initiative and other programs advocated by CUNA and the National Credit Union Foundation to help America's credit unions grow even stronger.”

In April, the industry's second largest credit union, the $33.7 billion SECU in Raleigh, N.C., rejoined CUNA.

SECU President/CEO Jim Blaine, who is retiring, triggered  an industry-wide controversy and debate after stating he disaffiliated with CUNA and the state league in 2014 over the dual membership requirement and other issues.

In March, more than 90% of CUNA's members voted in favor of historic bylaw changes that included eliminating the dual membership requirement in 2017 that allows credit unions the choice to decide whether to join CUNA, their state leagues or both.

In April, Blaine said SECU had not decided whether to rejoin the Carolinas Credit Union League.

T.V. Johnson, PenFed's vice president of corporate communications, said the credit union does not intend to rejoin the Virginia Credit Union League because PenFed wants to keep its national focus.

Johnson also said the elimination of the dual membership requirement did not play a role in PenFed's decision to rejoin CUNA, adding that the credit union rejoined CUNA to increase representation in Washington to advance the interests of PenFed and other federal credit unions.

“Any organization is only as good as its people,” Schenck said. “My philosophy is to constantly surround PenFed internally and externally with the best and the brightest to lead the credit union movement forward. There are no better people or leaders than CUNA President/CEO Jim Nussle and Foundation Executive Director Gigi Hyland in representing and growing the credit union movement and our collective mission of financial literacy.”

“I'm grateful for PenFed's decision to join CUNA and I thank its board of directors, James Schenck and his team for their time in considering this move. We are proud to partner with an organization dedicated to supporting those who serve this country,” Nussle said in a prepared statement. “It is fantastic to have all of PenFed's 1.4 million members as part of our collective voice as the CUNA-league system continues to strengthen credit union advocacy and grow credit union market share. We are stronger together.”