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NASCUS Announces Five Newly Accredited States

Wednesday, July 28, 2021 | 03:52pm

ARLINGTON, VIRGINIA – The National Association of State Credit Union Supervisors (NASCUS) is proud to announce five newly accredited state agencies have earned Re-Accreditation following a series of in-depth reviews and assessments by a panel of veteran state supervisors. This list includes: 

  • Idaho Department of Finance - Financial Institutions Bureau 
  • Indiana Department of Financial Institutions - Division of Credit Unions 
  • Tennessee Department of Financial Institutions - Credit Union Division 
  • North Dakota Department of Financial Institutions - Credit Union Program 
  • Vermont Department of Financial Regulation - Credit Union Program 

More than 88% of the $982 billion in state-chartered credit union assets are supervised by NASCUS’ 28 accredited state agencies. 

“Accreditation is direct evidence of an agency’s capabilities and benefits all credit unions in the state as well,” said NASCUS President and CEO Lucy Ito. “It recognizes the professionalism of a state agency’s regulators, supervisors, and staff, while potentially delivering an impetus and support for legislation to modernize state law and policy changes to advance state supervisory processes and best practices.”

NASCUS accreditation is a robust process that includes disciplined self-evaluation, peer review, and ongoing monitoring. The process, administered by the NASCUS Performance Standards Committee (PSC), measures a state regulatory agency’s ability and resources to carry out its regulatory and supervisory programs effectively.

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.

“Across the country, Accreditation makes the state system stronger. It continuously helps us improve and provides us with credibility and support to fulfill our responsibilities to the people of Tennessee. We are proud to have a strong and collaborative working relationship with NASCUS, other state regulators, and within the credit union industry.” commented Greg Gonzales, Tennessee Commissioner.

NASCUS’ Lucy Ito further stated, “This achievement not only benefits regulators but also state-chartered credit unions, members, and the industry as a whole, by illustrating how a state agency has met the highest levels of regulatory proficiency.” 

NASCUS adopted the Accreditation Program in 1989 to administer and assure 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.