Who is eligible for penfed? Pentagon Federal Credit Union. The Pentagon Federal Credit Union or "PenFed" basically allows anyone to join. If you're a member of the military, a US Government employee, an employee at an "eligible place of business" or an American Red Cross employee/volunteer, you can join. Family members of any of the above can join, too.Where is penfed credit union located? Key people. Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in McLean, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA).Who is penfed credit union? Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in McLean, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA).