MICHIGAN CREDIT UNION REGULATOR EARNS ACCREDITATION FOR FIVE YEARS

Follows in-depth, assessment by veteran supervisors organized by NASCUS

Nov. 24, 2020

The office of credit unions of the Michigan Department of Insurance and Financial Services has earned a five-year accreditation following an in-depth review and assessment by a panel of veteran credit union state supervisors, sponsored by the NASCUS.

The accreditation was conferred as part of the NASCUS Accreditation Program.

The credit union office of the Michigan DIFS earned the accreditation after a weeks-long process that includes disciplined self-evaluation, peer review and ongoing monitoring. The process is administered by the NASCUS Performance Standards Committee (PSC) and measures a state regulatory agency’s ability and resources to effectively carry out its regulatory and supervisory programs.

To earn accreditation, a credit union state supervisory agency must demonstrate that it meets accreditation standards in agency administration and finance, personnel and training, examination, supervision and legislative powers.

More than 85% of state-chartered credit union assets are supervised by NASCUS’ 28 accredited state agencies. 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.