PRESS RELEASE
August 2, 2007
ARLINGTON, Va. — NASCUS announced that the Kentucky Office of Financial Institutions (OFI) and the North Carolina Credit Union Division (NCCUD) recently earned NASCUS re-accreditation.
The Kentucky agency was first accredited in 1992; this re-accreditation is the agency’s fourth consecutive re-accreditation. The OFI supervises 30 state-chartered credit unions, with combined assets of more than $1.3 billion. The NCCUD supervises 73 state-chartered natural person credit unions and one corporate, totaling more than $15 billion in assets. The North Carolina agency was also first accredited in 1992; this re-accreditation is its fourth consecutive re-accreditation.
“The Kentucky Office of Financial Institutions is gratified to be recognized among its peers as a highly skilled, competent professional organization that is charged with the important supervisory responsibility of ensuring the safety and soundness of our community of Kentucky state-chartered credit unions,” said Cordell G. Lawrence, executive director, OFI.
“The significance of North Carolina’s re-accreditation affirms that our agency has good policies and procedures in place to monitor the safety and soundness of the credit unions that we regulate,” said Jerrie J. Lattimore, administrator, NCCUD. “NCCUD has excellent examiner retention and re-accreditation confirms that they are working in a professional environment and that their work can be quantified as beneficial to the public.”
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. NASCUS’ 28 accredited states supervise more than 83 percent of state-chartered credit union assets.
“The accreditation process provides an objective critical analysis to ensure we are current in our examination policies and procedures that reflect the best practices of regulatory supervision and oversight throughout the nation,” said Lawrence.
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.
“The most valuable aspect of the re-accreditation process is that we reexamine every aspect of our Division to confirm that we are ensuring the high standards required by the accreditation teams,” said Lattimore. “The entire re-accreditation process keeps us up to date and constantly examining what we do and how we do it.”
Information
Contact:
Kate Hartig, Director of Communications,
(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.
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