Virginia Bureau of Financial Institutions Receives NASCUS Reaccreditation

FOR IMMEDIATE RELEASE
September 25, 2024

ARLINGTON, VIRGINIA – The National Association of State Credit Union Supervisors (NASCUS) is proud to announce that the Virginia State Corporation Commission, Bureau of Financial Institutions (BFI) has earned Reaccreditation following a series of in-depth reviews and assessments by a panel of veteran state supervisors.

“Our department is committed to best practices and top-tier service. Accreditation ensures we meet the highest national standards, promoting regulatory consistency and validating our competency and transparency,” commented Virginia BFI Commissioner Joe Face. “I’m proud of our team for achieving NASCUS accreditation, confirming the quality of our work, and strengthening the public trust.”

The process of Accreditation entails a thorough evaluation and continuous monitoring carried out by the NASCUS Performance Standards Committee (PSC), consisting of experienced regulators from accredited state agencies.

“This peer-reviewed program highlights the accomplishments of state credit union regulators in efficiently executing regulatory and supervisory programs,” said NASCUS President and CEO Brian Knight. “Achieving NASCUS Accreditation demonstrates the outstanding capabilities of state regulatory agencies in meeting the highest standards of regulatory excellence. Additionally, the accreditation process can uncover opportunities for improvements in statutes, regulations, or supervision, further strengthening both the agency and the state’s charter.”

To obtain Accreditation, a credit union state supervisory agency must demonstrate compliance with the accreditation standards in areas such as agency administration and finance, personnel and training, examination, supervision, and legislative powers.

NASCUS began developing the Accreditation program in 1989 to administer and ensure states’ credit union examination and supervision quality standards. This program, modeled on the university accreditation concept, applies national performance standards to a state’s credit union regulatory program.

To learn more about the NASCUS Accreditation program, visit: https://www.nascus.org/state-activities/accreditation/