PRESS RELEASE
December 14, 2007
ARLINGTON, Va. — NASCUS announced that Virginia Bureau of Financial Institutions (BFI) recently earned NASCUS re-accreditation.
The Virginia BFI supervises 55 natural person credit unions with combined assets of approximately $5 billion. The Virginia agency was first accredited in 2002. NASCUS’ 28 accredited states supervise more than 83 percent of state-chartered credit union assets.
"The agency places great value and honor in receiving the NASCUS accreditation because it comes from our peers,” said Virginia BFI Commissioner Joe Face. “We believe accreditation is recognition of our efforts to achieve and maintain the highest levels of quality regulation and supervision, which provides tremendous benefits to Virginia’s citizens and financial institutions.”
NASCUS accreditation is valid for a five-year period subject to annual review. The annual review process enables the accredited agency and the NASCUS Performance Standards Committee (PSC) to measure progress and improvement and to validate the agency’s continued adherence to accreditation performance standards.
“Accreditation shows that your peers consider your work product and regulatory performance to be of a high degree of value,” said George Latham, deputy commissioner of the Virginia BFI. “Beyond that, you know the industry and your peers respect your agency's performance, and rely on you for holding to a high standard in ensuring the public trust in the safety and soundness of credit unions.”
To earn accreditation, an agency’s qualifications are evaluated by an Accreditation Review Team (ART) who completes a thorough examination of the agency’s accreditation application and supporting documents, followed by three days of intense on-site scrutiny of agency programs and performance.
In addition to on-site and annual reviews, the accreditation process includes an extensive self-evaluation of department operations in the areas of administration and finance, personnel, training, examination, supervision and legislative powers.
Information
Contact:
Kate Hartig, Director, Communications and Public Affairs,
(703) 528-0669 or kate@nascus.org
The
NASCUS mission is to enhance state credit union
supervision and advocate a safe and sound state
credit union system. Founded in 1965, NASCUS
represents all 48 state and territorial credit
union supervisors and the NASCUS Credit Union
Advisory Council, which is made up of nearly
500 of the nation's more than 3,400 state-chartered
credit unions.
|
