California Earns NASCUS Reaccreditation
April 9, 2014 – Arlington, Va. –The National Association of State Credit Union Supervisors (NASCUS) recently approved the reaccreditation of the California Department of Business Oversight (DBO).
The DBO, which is led by Commissioner Jan Lynn Owen and Deputy Commissioner of Credit Unions Erick Orellana, supervises 146 credit unions with combined assets of approximately $79.3 billion. The DBO was formed on July 1, 2013 through the consolidation of the former Department of Financial Institutions and the former Department of Corporations.
“NASCUS reaccreditation 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 Jan Owen, Deputy Commissioner Erick Orellana and the agency staff for their ongoing commitment to supervisory excellence in California.”
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.
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 California department was first accredited by NASCUS in 1999.