PRESS RELEASE
June 19, 2007
ARLINGTON, Va. — NASCUS announced that Colorado Division of Financial Services recently earned NASCUS re-accreditation.
The Colorado agency was first accredited in 1996; this re-accreditation is the agency’s second consecutive re-accreditation. The division supervises 63 natural person credit unions and one corporate, with combined assets of approximately $7.2 billion.
“The significance of the re-accreditation is great for the agency in terms of what it means to the credit unions we regulate,” said Chris Myklebust, commissioner of the Colorado Division of Financial Services. “I made it a priority to make sure this agency is meeting the expectations of those we serve through our regulatory program. Accreditation provides the Division with credibility in the eyes of all those parties we work with for the betterment of Colorado’s state charters.”
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’ 28 accredited states supervise more than 83 percent of state-chartered credit union assets.
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 opportunity to justify our regulatory program by comparing it to national standards for best practices is most valuable. I appreciate the depth of communication that I was able to achieve with the on-site review team,” said Myklebust. “The changes we employ as a result of the accreditation process will make the Division more effective.”
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 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.
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