PRESS RELEASE
February 7, 2007
ARLINGTON, VA — The NASCUS Accreditation Program continues to serve as a model for regulatory excellence in the state credit union system. NASCUS is pleased to announce that 12 state agencies earned re-accreditation in 2006 by demonstrating conclusively that they continue to meet accreditation standards.
NASCUS accreditation is valid for five years, subject to annual review. This year, states that were accredited or re-accredited in 2002 will undergo the comprehensive review required for five-year re-accreditation. NASCUS is also currently working with state agencies that will complete the process for the first time.
“NASCUS accreditation is a significant achievement and represents the effectiveness and sound supervision of the state credit union regulatory system,” said NASCUS President and CEO Mary Martha Fortney. “We expect another strong year for the Accreditation Program and the state credit union system in 2007.”
The 12 states that earned re-accreditation in 2006 include: Texas, Arizona, Georgia, Iowa, Massachusetts, Missouri, New Mexico, North Dakota, Ohio, Pennsylvania, Vermont and Wisconsin.
NASCUS’ 28 accredited states supervise nearly 84 percent of state credit union assets and about 80 percent of state-chartered credit unions. More than 40 percent of the nation’s credit unions are state-chartered. The accreditation process includes self-evaluation, stringent peer review and intense on-site examination.
"Through the NASCUS accreditation self-evaluation and on-site review by a highly skilled and knowledgeable review team, our agency is provided with opportunities to further strengthen our credit union regulatory program,” said Robert Braswell, commissioner of the Georgia Department of Banking and Finance. “NASCUS accreditation enhances the reputation of our Department in the eyes of stakeholders, other regulators and the private sector.”
Administered by the NASCUS Performance Standards Committee, accreditation measures a state regulatory agency’s ability and resources to effectively carry out its regulatory and supervisory programs. “The Wisconsin Office of Credit Unions is very pleased that we were re-accredited by NASCUS,” said Suzanne Cowan, director of the Wisconsin Office of Credit Unions. “Re-accreditation affirms that our efforts have succeeded to operate in an efficient and effective manner and to hire and train the most qualified people to examine the 269 Wisconsin state-chartered credit unions.”
To learn more about NASCUS Accreditation Program, click here.
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 and 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. |
