BRIEFLY: MA earns reaccreditation; Tool aims to ease bank LIBOR transition; happy President’s Day!

(Feb. 12, 2021) Congratulations to the Massachusetts Division of Banks (credit union supervision) on being reaccredited by NASCUS. Established in 1989, the NASCUS Accreditation Program administers and assures quality standards of states’ credit union examination and supervision by applying national standards of performance to a state’s credit union regulatory program. More than 85% of all state-chartered credit union assets are supervised by NASCUS-accredited state agencies … A self-assessment tool banks can use to evaluate their preparedness for the expected cessation at year’s end of the London Interbank Offered Rate (LIBOR) as a reference rate for products and services was released this week by the Office of the Comptroller of the Currency (OCC). The agency, in Bulletin 2021-7, said the tool can be used to assess the appropriateness of the bank’s LIBOR transition plan, bank management’s execution of the plan, and related oversight and reporting … Here’s to a happy (and safe) President’s Day holiday on Monday; NASCUS’ offices will be closed in observance of the holiday.


OCC Bulletin 2021-7

NASCUS Accreditation Program