Feb. 1, 2016

Program applies national standards of performance for state CU regulatory programs

ARLINGTON, Va. -- State financial institution regulatory agencies in both Idaho and Vermont have been approved for reaccreditation by the National Association of State Credit Union Supervisors (NASCUS) and the Conference of State Bank Supervisors (CSBS) following recent reviews.

The Idaho Department of Finance was reaccredited in late December; the Vermont Department of Financial Regulation was approved for reaccreditation in early January.

This is fifth NASCUS accreditation for Idaho since the state agency was first accredited in 1990; Vermont was first accredited in 1996.

The NASCUS Accreditation Program was adopted in 1989 to administer and assure the quality standards of states' credit union examination and supervision. Modeled on the university accreditation concept, the program applies national standards of performance to a state's credit union regulatory program.

“Being reaccredited is a significant achievement and represents the effectiveness and sound supervision of the state credit union regulatory system,” said NASCUS President and CEO Lucy Ito. “Congratulations to these two states for their commitment and dedication to maintaining their certifications, and to Idaho Director Gavin Gee and Vermont Commissioner Susan Donegan for their leadership.”

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), which 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.

Information Contact:
Patrick Keefe, Vice President, Communications, or (703) 528-5974

The National Association of State Credit Union Supervisors (NASCUS) is the primary resource and voice of the state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions. NASCUS membership is made up of state-chartered credit unions, state regulators and other supporters of the state credit union system. NASCUS is the only organization dedicated to the defense and promotion of the state credit union charter and the autonomy of state credit union regulatory agencies.