November 30, 2009
Florida Earns NASCUS Re-accreditation
Arlington, Va. The Florida Office of Financial Regulation (OFR) recently achieved re-accreditation by the National Association of State Credit Union Supervisors (NASCUS).
The Florida OFR Bureau of Credit Union Regulation is responsible for the regulation and examination of 79 Florida state-chartered credit unions with approximately $19.5 billion in total assets. Florida was first accredited in 2004.
"The NASCUS accreditation of our credit union regulatory program is yet another indication that we are properly safeguarding deposits in Florida's state-chartered financial institutions," said OFR Commissioner Tom Cardwell. "These are rigorous national standards and I am extremely proud of the OFR Financial Institutions Team."
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 85 percent of the nation's state-chartered credit union assets.
"NASCUS re-accreditation is a significant achievement and represents the effectiveness and sound supervision of the state credit union regulatory system," said NASCUS President and CEO Mary Martha Fortney. "We congratulate Commissioner Cardwell and Credit Union Bureau Chief Robert Hayes and his staff for their ongoing commitment to supervisory excellence in Florida."
Kate Hartig, VP, Public Relations and Legislative Affairs, (703) 528-0669 or email@example.com