PRESS RELEASE
August 13, 2006
ARLINGTON, VA — The National Association of State Credit Union Supervisors (NASCUS) announced that the Arizona Department of Financial Institutions earned five-year re-accreditation.
The Arizona department was first accredited in 1996; this re-accreditation is the agency’s second consecutive re-accreditation. The department supervises 29 natural person credit unions and one corporate, with combined assets of approximately $5 billion.
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. NASCUS accredited states supervise more than 83 percent of state-chartered credit union assets.
"We are very pleased that the Department has been re-accredited for another five years,” said Felecia Rotellini, superintendent of the Arizona Department of Financial Institutions. “NASCUS Accreditation enhances the credibility of the Department with the credit union industry, state and federal regulators, and our state legislative and executive branches. Re-accreditation is a reflection of the quality and commitment of the Department's Credit Union Division, its manager Sue Meyer and the examination team."
To earn accreditation, an agency’s qualifications are evaluated by an Accreditation Review Team (ART) who 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.
The NASCUS PSC votes for re-accreditation based on the reports of the ART, a group a veteran regulators. In addition to an on-site review, the accreditation process includes an extensive self-evaluation questionnaire on department operations in the areas of administration and finance, personnel, training, examination, supervision and legislative powers.
Information
Contact:
Kate Hartig, Director of Communications,
(703) 528-0669 or kate@nascus.org
The
NASCUS mission is to enhance state credit union
supervision and advocate a safe and sound state
credit union system. Founded in 1965, NASCUS
represents all 48 state and territorial credit
union supervisors. NASCUS is advised by the NASCUS Credit Union
Advisory Council, which is made up of nearly
500 of the nation's more than 3,400 state-chartered
credit unions.
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