June 1, 2009
Michigan Earns NASCUS Re-accreditation
ARLINGTON, Va. NASCUS recently approved the re-accreditation of the Michigan Office of Financial and Insurance Regulation (OFIR).
The Michigan agency was the first state credit union regulatory agency to earn NASCUS accreditation status in 1989. This re-accreditation is the agency's fifth consecutive re-accreditation by NASCUS. The OFIR supervises 215 natural person credit unions with combined assets of approximately $25 billion.
"Earning NASCUS re-accreditation is certainly a feather in our cap," OFIR Commissioner Ken Ross said. "The intense review of our programs and operations provided our staff with valuable insight into where we were strong and where we had room for improvement."
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 85 percent of 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 Ross and Deputy Commissioner Roger Little for their ongoing commitment to supervisory excellence in Michigan."
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.
Kate Hartig, VP, Public Relations and Legislative Affairs, (703) 528-0669 or email@example.com