(July 16, 2021) Agencies in five states – Idaho, Indiana, North Dakota, Tennessee and Vermont – are newly accredited under the association’s Accreditation Program, NASCUS announced this week.
The agencies newly accredited are:
- Idaho Department of Finance – Financial Institutions Bureau
- Indiana Department of Financial Institutions – Division of Credit Unions
- North Dakota Department of Financial Institutions – Credit Union Program
- Tennessee Department of Financial Institutions – Credit Union Division
- Vermont Department of Financial Regulation – Credit Union Program
More than 72% of the $989 billion in state-chartered credit union assets are supervised by NASCUS’ 28 accredited state agencies. The program, marking its 32nd year, administers and assures state credit union examination and supervision quality standards. It is modeled on the university accreditation concept, applying national performance standards to a state’s credit union regulatory program.
According to NASCUS President and CEO Lucy Ito, accreditation is direct evidence of an agency’s capabilities, and benefits all credit unions in the state “Accreditation provides recognition of the professionalism of a state agency’s regulators, supervisors, and staff, while potentially delivering an impetus and support for legislation to modify state law and policy changes to advance state supervisory processes and best practices,” she added.
To earn accreditation, a credit union state supervisory agency must demonstrate it meets accreditation standards in agency administration and finance, personnel and training, examination, supervision, and legislative powers.
For more details, including comments from state regulators in each of the accredited agencies, see the press release issued this week.