Louisiana Re-accredited by NASCUS

January 21, 2010 — NASCUS recently re-accredited the Louisiana Office of Financial Institutions (OFI). This is the third consecutive re-accreditation for Louisiana, first accredited in 1995.

The agency is responsible for the examination and supervision of 45 natural person credit unions and one state-chartered corporate credit union with combined assets of $1.28 billion. NASCUS' 28 accredited states supervise more than 85 percent of the nation's state-chartered credit union assets.

"We are very pleased to have our credit union division awarded its third re-accreditation by NASCUS," said John Ducrest, Commissioner of the Louisiana OFI. "This recognition validates the integrity of our examination process and provides an independent and comprehensive assessment of the strengths of the credit union division. The comprehensive critique also allows us to make improvements based on current regulatory standards and best practices."

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 NASCUS prestigious accreditation, a state supervisory agency must demonstrate that it meets accreditation standards in these six areas: department administration and finance, personnel, training, examination, supervision and legislative powers.