(July 30, 2021) Chalk up the Washington Department of Financial Institutions–Credit Union Division as another state regulatory agency that has undertaken the rigorous process of earning re-accreditation through the NASCUS program. Under the process, the state agency undergoes a series of in-depth reviews and assessments by a panel of veteran state supervisors, assembled by NASCUS.
“Our department examines state-chartered credit unions operating in Washington to ensure their compliance with our laws,” said Charlie Clark, director of the WA Department of Financial Institutions. “The value of NASCUS accreditation is that it shows our stakeholders that as examiners and as an agency we meet the highest standards nationally and are following best practices. I am proud of our team for receiving accreditation.”
To earn accreditation, a credit union state supervisory agency must demonstrate that it meets standards in agency administration and finance, personnel and training, examination, supervision, and legislative powers. The process includes disciplined self-evaluation, peer review, and ongoing monitoring. It is administered by the NASCUS Performance Standards Committee (PSC).
The program was developed in 1989; it is modeled on the university accreditation concept, applying national performance standards to a state’s credit union regulatory program.