FOR IMMEDIATE RELEASE
November 1, 2023
South Carolina Board of Financial Institutions Receives 2023 NASCUS Accreditation
ARLINGTON, VIRGINIA – The National Association of State Credit Union Supervisors (NASCUS) is proud to announce that the South Carolina Board of Financial Institutions; Office of the Commissioner of Banking has earned Accreditation following a series of in-depth reviews and assessments by a panel of veteran state supervisors.
“I am very proud that we have been accredited by NASCUS,” said Commissioner of Banking Kathy Bickham. “Our team works very hard to supervise the State-chartered credit unions in South Carolina, and being accredited confirms that we have the ability and resources to effectively carry out our regulatory and supervisory duties. Having an independent team of experts to review our processes and procedures, compare them to industry standards and best practices, and give us feedback is very helpful, and we appreciate the work of the accreditation team.”
“As Chairman of the Board of Financial Institutions, I want to congratulate Kathy Bickham and her team for their efforts to complete the NASCUS accreditation process. The financial sector is constantly changing and evolving, so it’s important that we stay abreast of the latest policies, regulations, and best practices in the credit union space to ensure we are keeping pace with our peers,” commented South Carolina State Treasurer Curtis Loftis.
To obtain Accreditation, a credit union state supervisory agency must demonstrate compliance with the accreditation standards in areas such as agency administration and finance, personnel and training, examination, supervision, and legislative powers.
“Attaining NASCUS Accreditation signifies the remarkable skills of state regulatory agencies in adhering to the highest standards of regulatory expertise and industry benchmarks,” stated Brian Knight, the President and CEO of NASCUS. “Additionally, the Accreditation review process aids in identifying opportunities for statutory, regulatory, or supervisory adjustments to further improve the agency and the state’s charter while efficiently utilizing resources.”
The process of NASCUS Accreditation entails a thorough evaluation and continuous monitoring carried out by the NASCUS Performance Standards Committee (PSC), consisting of experienced regulators from accredited state agencies.
NASCUS began developing the Accreditation program in 1989 to administer and ensure states’ credit union examination and supervision quality standards. This program, modeled on the university accreditation concept, applies national performance standards to a state’s credit union regulatory program.
To learn more about the NASCUS Accreditation program, visit: https://www.nascus.org/state-activities/accreditation/
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