(Jan. 21, 2022) The California Department of Financial Protection & Innovation is the latest credit union state supervisory authority earn reaccreditation from NASCUS, the association announced this week. The achievement followed a series of in-depth reviews and assessments by a panel of veteran state supervisors.
“I am proud that the Department of Financial Protection and Innovation has earned reaccreditation from NASCUS,” said DFPI Commissioner Clothilde V. Hewlett. “With the DFPI credit union division supervising 120 credit unions with more than $155 billion in assets, our work is important to communities and the state economy. I congratulate our phenomenal team of examiners and administrators for continuing to adapt through the pandemic to provide critical services and thank the staff at NASCUS for helping us in this important effort.”
NASCUS’ Brian Knight said an agency’s achievement of NASCUS Accreditation reflects the exceptional capabilities of state regulators and their ability to meet the highest level of regulatory proficiency and industry standards. “This peer-reviewed program recognizes achievements of state credit union regulators to effectively carry out regulatory and supervisory programs in their operations and utilization of resources,” he said.
NASCUS Accreditation is a robust process that includes disciplined self-evaluation and ongoing monitoring, administered by the NASCUS Performance Standards Committee (PSC), a group of senior regulators from accredited state agencies. To earn accreditation, a credit union state supervisory agency must demonstrate that it meets accreditation standards in agency administration and finance, personnel and training, examination, supervision, and legislative powers.