Illinois becomes 27th state accredited by NASCUS
Oct. 6, 2016 -- The 27th state has been officially accredited by NASCUS as the Illinois Department of Financial and Professional Regulation (IDFPR) today received its certificate of accreditation during the 2016 NASCUS State System Summit in Chicago.
To earn accreditation, a state supervisory agency must demonstrate that it meets standards in six areas: Department Administration and Finance, Personnel, Training, Examination and Supervision. Nationwide, nearly 86 percent of state chartered credit union assets are supervised by NASCUS' 26 accredited state agencies. As the 27th, and newest accredited state agency, Illinois ranks first nationwide in the number of state chartered credit unions, possessing a combined $35 billion in assets.
"Accreditation of a state agency is earned only after a rigorous evaluation process, conducted by an Accreditation Review Team (ART), which includes 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," said NASCUS President and CEO Lucy Ito. "Illinois successfully earned its accreditation after being subjected to this review - joining 26 other states across the country that have earned this status. Our sincere congratulations to the Illinois Department of Financial and Professional Regulation."
IDFPR Secretary Bryan A. Schneider noted that the NASCUS accreditation serves as the “gold standard” in the exam process. “I commend our Credit Union Division for this achievement and for their exceptional work throughout the accreditation process, as Illinois now joins the NASCUS accredited family for the first time in agency history.”
State credit union industry officials also hailed the accomplishment. “Today’s accreditation serves as confirmation of the increasingly constructive interaction credit unions have experienced with the department over the last couple of years,” said Tom Kane, President/CEO of Illinois Credit Union League. “The Credit Union Division at IDFPR is top-notch. It’s apparent the supervisors and staff take great pride in carrying out their regulatory and supervisory roles with a commitment to excellence. We applaud their NASCUS accreditation.”