(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.
LINK:
California DFPI Receives 2022 NASCUS Reaccreditation
(Dec. 3, 2021) The latest state supervsor to earn reaccreditation from NASCUS is the Texas Credit Union Department, following the series of in-depth reviews and assessments by a panel of veteran state supervisors.
Both Texas Commissioner John J. Kolhoff and NASCUS President and CEO Lucy Ito noted the significance of the certification.
“Reaccreditation demonstrates the value we as examiners and an agency provide to the industry and its members,” said Kolhoff, who also serves as secretary/treasurer of the NASCUS Regulator Board “Our credit union examination department ensures compliance with our laws while following best practices to meet the highest national standards in our supervision of more than $54 billion in assets across 175 credit unions. I am proud of our team for receiving the NASCUS Reaccreditation.”
Ito noted that accreditation is express evidence of an agency’s capabilities, which benefits all credit unions in the state. “This program recognizes the professionalism of a state agency’s regulators, supervisors, and staff while potentially delivering support for state law modernization and policy changes to advance state supervisory processes and best practices,” she said.
To earn the certification, a state supervisory agency must demonstrate it meets accreditation standards in agency administration and finance, personnel and training, examination, supervision, and legislative powers.
NASCUS began developing the program in 1989; it is modeled on the university accreditation concept by applying national performance standards to a state’s credit union regulatory program.
LINK:
(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.
LINK:
Washington State DFI Receives 2021 NASCUS Re-Accreditation
(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.
LINK:
NASCUS Announces Five Newly Accredited States
(May 21, 2021) Congratulations to the Ohio Department of Commerce/Division of Financial Institutions to be the first state supervisory authority to become accredited under all four accreditation programs: credit union (via the NASCUS Accreditation Program), bank (via CSBS), mortgage and money service business (MSB, also both via CSBS) … The OCC announced this week that it will reconsider last year’s revisions to its rules implementing the Community Reinvestment Act (CRA) and, in the meantime, suspend information collection under the new rule, which was adopted a little more than a year ago … CFPB issued updated TRID FAQs late last week, aimed at addressing housing assistance loans, including how the 2018 BUILD Act affects requirements for such loans. (BUILD stands for Better Utilization of Investments Leading to Development Act, legislation passed in 2018; it allows the participation of private sector capital and skills in the economic development of countries with low- or lower-middle-income economies to complement U.S. assistance and foreign policy objectives).
LINKS:
OCC Bulletin 2021-24
(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.
LINK:
(Dec. 4, 2020) The Utah Department of Financial Institutions (DFI) is the latest state credit union regulator to earn accreditation from NASCUS, the association announced this week. The Utah DFI, which regulates 30 credit unions across the state, earned its accreditation for five years.
The accreditation is the result of a substantive process that includes disciplined self-evaluation, peer review and ongoing monitoring. The process is administered by the NASCUS Performance Standards Committee (PSC) and measures a state regulatory agency’s ability and resources to effectively carry out its regulatory and supervisory programs. 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 to earn accreditation.
“Congratulations to the Utah DFI for achieving this distinction,” said NASCUS’ Lucy Ito. “Accreditation is credible evidence of an agency’s capabilities, which also benefits credit unions in the state by providing recognition of the professionalism of a state agency’s regulators, supervisors and staff – and illustrates how a state regulatory agency has met the highest levels of regulatory proficiency.”
More than 85% of state-chartered credit union assets are supervised by NASCUS’ accredited state agencies. The NASCUS Accreditation Program was adopted in 1989 to administer and assure the quality standards of states’ credit union examination and supervision. Modeled on the university accreditation concept, the program applies national standards of performance to a state’s credit union regulatory program.
LINK:
NASCUS Accreditation Program
(Nov. 25, 2020) The office of credit unions of the Michigan Department of Insurance and Financial Services has earned a five-year accreditation following an in-depth review and assessment by a panel of veteran credit union state supervisors, sponsored by the NASCUS.
The accreditation for the credit union office of the Michigan DIFS resulted from a robust process that includes disciplined self-evaluation, peer review and ongoing monitoring. The process is administered by the NASCUS Performance Standards Committee (PSC) and measures a state regulatory agency’s ability and resources to effectively carry out its regulatory and supervisory programs.
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.
“Accreditation is credible evidence of an agency’s capabilities, which also benefits credit unions in the state as well,” said NASCUS President and CEO Lucy Ito. “It provides recognition of the professionalism of a state agency’s regulators, supervisors and staff, and may also deliver the impetus and support for legislation that modifies and/or modernizes state law.
She said the achievement also benefits state-chartered credit unions, as it illustrates how a state regulatory agency has met the highest levels of regulatory proficiency,” she added.
More than 85% of state-chartered credit union assets are supervised by NASCUS’ 28 accredited state agencies. The NASCUS Accreditation Program was adopted in 1989 to administer and assure the quality standards of states’ credit union examination and supervision. Modeled on the university accreditation concept, the program applies national standards of performance to a state’s credit union regulatory program.