Connect with us

Technology

PenFed Credit Union Expands Member Lending and Strengthens Credit Quality in Third Quarter 2026

Published

on

Member-Focused Flywheel Supports $8.8 Billion in Year-to-Date Loan Originations, Deeper Deposit Relationships and Stronger Capital

TYSONS, Va., Oct. 30, 2026 /PRNewswire/ — PenFed Credit Union, one of the nation’s largest federal credit unions, reported $8.8 billion in year-to-date loan originations through September 2026, up 22% year-over-year. Its member-focused flywheel of competitive rates, trusted service and digital convenience supported lending growth and deeper relationships. Year-to-date mortgage originations rose 65% year-over-year, and non-maturity deposits reached $15.9 billion, or 65% of total deposits versus 58% a year ago. Compared with second-quarter results, the year-to-date loan loss rate improved to 1.15% from 1.28%, and the net worth ratio rose to 10.84% from 10.72%.

“The economy remained resilient in the third quarter of 2026, with stable employment and growing summer consumer spending, even as families and businesses faced financial pressures,” said James Schenck, PenFed President and CEO. “Inflation exceeded 3% over the past year, partly reflecting higher energy costs. With inflation above its 2% goal, the Federal Reserve raised its benchmark rate in September for the first time in three years—a step intended to ease inflation but one that can increase borrowing costs for homes, cars and other major purchases.”

“Competitive financial products and a trusted partner are especially important in this environment. I’m proud of PenFed’s very strong third quarter, which built on our momentum and strengthened our ability to serve our 2.7 million members.”

PenFed Home delivered strong year-over-year performance across mortgage, home equity and real estate through the third quarter of 2026 despite a challenging housing and rate environment. Its integrated model connects members with these services through one trusted relationship. PenFed’s Very Important Buyer (VIB) Program combines access to PenFed Realty agents, mortgage expertise and financial incentives that can lower homeownership costs and simplify buying from search through closing.

Consumer Banking delivered strong third-quarter momentum while maintaining prudent credit standards amid affordability challenges. Year-to-date results included more than $2.0 billion in auto originations, approximately $375 million in personal loans, more than 20,000 new credit card accounts—up 67% year-over-year—Premium Online Savings balances exceeding $9 billion and approximately 130,000 new members. Targeted investments supported operating efficiency, product capabilities and fraud prevention while making banking easier through branches and the mobile app.

PenFed’s Q3 2026 Financial Highlights

Lending Momentum and Member Growth

Grew year-to-date total loan originations to $8.8 billion, (up 22% year-over-year), reflecting broad-based member demand across PenFed’s lending products.Accelerated year-to-date auto loan originations to $2.1 billion, (up 45% year-over-year), reflecting strong member demand and competitive pricing.Increased year-to-date home equity line of credit originations to $1.2 billion, (up 17% year-over-year), reflecting PenFed’s competitive home equity solutions.Increased year-to-date mortgage originations to $1.7 billion, (up 65% year-over-year), reflecting PenFed’s streamlined, service-focused home-lending experience.

Earnings Growth

Reported year-to-date net income of $177 million, (up 58% year-over-year), supported by operating discipline and credit performance.Increased year-to-date return on assets to 0.80%, (up 63% year-over-year), reflecting continued operating performance.

Capital and Liquidity Strength

Increased net worth ratio to 10.84%, reflecting strong year-to-date earnings and disciplined balance sheet management.Increased capital in excess of required regulatory net worth to $1.1 billion, further strengthening PenFed’s capital position.Maintained strong liquidity with total cash and investments at 16.6% of total assets, supporting member growth and continued financial strength.Grew non-maturity deposits to $15.9 billion, (up $1.3 billion, or 9%, year-over-year), increasing to 65% of total deposits from 58% a year ago and reflecting deeper, longer-lasting member relationships.

Credit Quality and Risk Management

Improved year-to-date loan loss rate to 1.15%, (down 30% year-over-year), reflecting continued credit discipline, proactive portfolio management and improving performance trends.Improved year-to-date total delinquencies to $233 million, (down 30% year-over-year).

Member Experience and Digital Engagement

Support services teams on the phones and in branches continue to receive PenFed’s highest consumer satisfaction scores. These results reflect the strength of PenFed’s service culture and the commitment of employees who help members every day.PenFed’s IT teams continue to deliver top-rated mobile and web experiences that process more than 8 million member interactions each month, helping members manage their financial lives with speed, confidence and convenience.

Community Impact

Year to date, PenFed has contributed more than $1 million in total community giving, supporting organizations and initiatives that advance financial well-being, military and veteran support, education, health and family services.Affiliated with PenFed Credit Union, The PenFed Foundation for Military Heroes raised more than $1.2 million to support veterans and military families at its 23rd annual Military Heroes Golf Classic on August 31, 2026, advancing its mission to help veterans transition from service to success in civilian life.

About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is one of America’s largest federal credit unions, serving 2.7 million members worldwide with $29 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 PenFed.org, like us on Facebook and follow us @PenFed on X. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.             

View original content to download multimedia:https://www.prnewswire.com/news-releases/penfed-credit-union-expands-member-lending-and-strengthens-credit-quality-in-third-quarter-2026-302924556.html

SOURCE PenFed Credit Union

Continue Reading

Technology

GLOBAL VOTING FOR 7 WONDERS OF FUTURE CITIES OFFICIALLY SWITCHED ON

Published

on

By

DUBAI, UAE, Oct. 31, 2026 /PRNewswire/ — New Clark City, Philippines, hosts “switch-on” ceremony as New7Wonders opens worldwide public voting on www.7wondersfc.com to choose the urban developments shaping our future.

New7Wonders today officially launched global public voting for the 7 Wonders of Future Cities, in a landmark ceremony hosted in the Philippines on World Cities Day, marking the beginning of a year of worldwide participation, inviting people everywhere to vote for the cities and urban developments they believe best represent the future of urban life, which will culminate with the official declaration of the seven winning cities and developments on 31 October 2027. 

Hosted and organised by New Clark City, an Official Participant in the 7 Wonders of Future Cities campaign and one of the Philippines’ flagship urban development projects, the special switch-on ceremony brought together city leaders, media and invited guests to witness the activation of the global voting platform. 

Jean-Paul de la Fuente, Director of New7Wonders and Chairman of the 7 Wonders of Future Cities campaign, led the official switch-on. In a ceremonial moment, the campaign website at www.7wondersfc.com was transformed from its presentation format into the worldwide public voting platform, opening the opportunity for citizens across the globe to participate in selecting the urban visions that will define the cities of tomorrow. “Today, from the Philippines to the world, we have switched on more than a voting platform – we have switched on a global conversation about the future of our cities,” said de la Fuente. “For the next year, people everywhere have the opportunity to discover, engage with and champion the places they believe should become global symbols of urban progress.”

The 7 Wonders of Future Cities is a worldwide participation campaign from New7Wonders, the global authority behind the New 7 Wonders of the World and the New 7 Wonders of Nature, and is organised by Global Platform Limited, its Dubai, UAE-based worldwide licensing and commercial arm. Building on the extraordinary worldwide engagement of previous campaigns, which together have generated more than 600 million votes, the new initiative shifts the focus from celebrating humanity’s natural and historical wonders to recognising the places being created and transformed for humanity’s future. Participating cities and developments are brought together through three central themes: Environmental & Nature, Smart City and Human-Centric development. These reflect the conviction that successful future cities must balance ecological responsibility, technological progress and the needs and aspirations of the people who inhabit them.

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/global-voting-for-7-wonders-of-future-cities-officially-switched-on-302925559.html

Continue Reading

Technology

SCANOLOGY Introduces AirGO Pad for On-Site 3D Scanning, Inspection and Reporting

Published

on

By

HANGZHOU, China, Oct. 31, 2026 /PRNewswire/ — SCANOLOGY introduces AirGO Pad, an integrated mobile measurement platform that brings 3D scanning, inspection and reporting alongside the part being measured. Combining computing, industrial 3D inspection software and touchscreen operation, AirGO Pad works with compatible SCANOLOGY wireless 3D scanners to help operators complete the inspection workflow on-site without carrying a separate laptop.

When inspecting a large component, operators need to move around the part while keeping scan data and measurement controls accessible. Finding a suitable place for a laptop—and returning to it to check results or adjust settings—can interrupt that process, particularly where space is limited. AirGO Pad places the inspection interface on a portable tablet, allowing operators to view data and interact with the software beside the component.

Users can connect a compatible wireless 3D scanner and view 3D data in real time, monitoring scan coverage and quality as they work. They can then align data, perform measurements and inspect results on the same device. During scanning, operators can create comparison points, features and other inspection elements as needed. Preconfigured report templates complete the workflow, enabling standardized inspection reports to be generated directly on AirGO Pad.

The platform’s design supports these transitions between scanning, inspection and reporting. Its high-definition touchscreen keeps model details and measurement results within reach. Operators can use the tablet in handheld mode while moving around the part, then unfold the convertible stand to review results on a suitable surface. A neck strap provides additional support when carrying and operating the device.

“Making a measurement system mobile means considering more than how operators carry the 3D scanner. They also need access to their data and inspection tools beside the part. We developed AirGO Pad to bring these activities together, from reviewing scan data to producing the inspection report,” said a product manager at SCANOLOGY.

AirGO Pad supports SCANOLOGY’s third-generation handheld and wireless optical 3D scanning systems, standard CAD/3D formats and wireless PC synchronization for measurement, annotation and review.

For product details or to request a demonstration, visit AirGo Pad product page.

About SCANOLOGY

SCANOLOGY develops industrial 3D measurement solutions for manufacturing and engineering. Its products are used for 3D measurement, automated inspection, and quality control. They are trusted by more than 10,000 enterprises across over 70 countries and regions, serving industries such as aerospace, automotive, and heavy manufacturing.

SOURCE SCANOLOGY

Continue Reading

Technology

SKYWORTH Solar Announces Global Launch of Solavita as a Smart Microgrid Brand

Published

on

By

SHENZHEN, China, Oct. 31, 2026 /PRNewswire/ — SKYWORTH Solar has officially announced the global launch of Solavita, its dedicated brand for smart microgrid solutions. Positioned strategically as “A Smart Microgrid Expert for Diverse Energy Scenarios,” Solavita consolidates the company’s extensive solution portfolio and service infrastructure under a unified global identity, building upon its rapidly expanding international footprint.

Addressing Grid Flexibility and Long-Term System Value

The launch comes as electricity systems face growing demands for flexibility. The International Energy Agency’s 2026 mid-year electricity update highlights the importance of flexible resources and more efficient use of infrastructure as renewable generation expands. For customers, the priorities vary by market: managing electricity costs, using more locally generated solar power, or maintaining essential loads where grid supply is unreliable.

“As renewable energy becomes more distributed, the long-term performance of the whole system becomes increasingly important,” said Fan Ruiwu, Chairman of SKYWORTH Solar. “We see that performance as the foundation of our international energy business. With Solavita, we are bringing our capabilities together around a common approach to solution development and service, while working with local partners to adapt delivery to each market. Our focus is on the value these systems provide throughout their life.”

Solutions for Different Energy Needs

To address the dual challenges of grid volatility and operational cost, Solavita engineers its systems around a core architectural philosophy prioritizing grid-forming stability, intelligent automation, cross-generation efficiency, and multi-tier security. Translating these technical principles into practical applications, the brand introduces a comprehensive solution matrix tailored to specific market demands.

For residential users, the SolaHome suite utilizes an advanced Home Energy Management System (HEMS) to seamlessly coordinate rooftop solar, battery storage, and flexible domestic loads like heat pumps and EV chargers. In markets with dynamic electricity tariffs, such as Germany, HEMS automates energy dispatch to capitalize on low-price periods. This practical value is evidenced by a recent residential installation in Jesteburg, Germany, combines 18.9 kW of rooftop solar with 20.48 kWh of battery storage. Solavita reports nearly €50 in electricity-price arbitrage benefits during the first month of dynamic-tariff operation.

Expanding beyond the home, the portfolio scales up with SolaBiz, which integrates distributed solar, commercial storage, and smart dispatch to help factories and retail spaces manage peak-demand costs and safeguard against grid disruptions.

For larger utility and off-grid demands, SolaMatrix delivers scalable, containerized storage and microgrid management focused on stabilizing renewable integration in weak grid environments.

Finally, ensuring energy access in highly mobile contexts, SolaGo offers plug-and-play balcony solar and portable power systems for outdoor activities and critical emergency backup, completing Solavita’s end-to-end coverage of modern energy applications.

Global Engineering Foundation and Ecosystem Delivery

To guarantee the reliable implementation and long-term asset value of these diverse solutions, SKYWORTH Solar underpins Solavita with a robust global engineering foundation.

On the technology front, the Smart Microgrid Technology Centre connects cutting-edge research with product engineering, supported by academic collaborations with Tianjin University and Hainan University. This pipeline is further strengthened by a comprehensive Haikou test platform—scheduled for commissioning by the end of 2026—to rigorously validate grid-connected, islanded, and grid-forming systems.

The InfraCosmos Digital Platform supports lifecycle data management, operational monitoring and fault identification. It connects system information with service and maintenance, helping teams monitor performance and respond to operating issues.

Beyond hardware and software, this foundation extends to flexible supply chain execution and strategic project delivery. Solavita employs F+D+EPC+O (Financing, Development, Engineering, Procurement, Construction, and Operations) framework for large-scale, asset-light project coordination, alongside a localized PD2C cooperation model actively deployed in markets like Germany and Italy to ensure rapid, market-specific service.

These capabilities underpin Solavita’s positioning as a smart microgrid expert, connecting system development with local delivery and ongoing service. The aim is to make integrated energy systems practical to deploy and support in each market.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/skyworth-solar-announces-global-launch-of-solavita-as-a-smart-microgrid-brand-302925531.html

SOURCE SKYWORTH Solar

Continue Reading

Trending