Tennessee DFI Re-accredited by NASCUS
ARLINGTON, Va. - The Tennessee Department of Financial Institutions earned its second five-year re-accreditation by NASCUS. The state regulatory agency was first accredited in 1995 and earned its first five-year re-accreditation in 2000. Accreditation is valid for a five-year period, subject to an annual review process that enables the accredited agency and the NASCUS Performance Standards Committee (PSC) to measure progress and improvement, and in some cases, identify where weaknesses may begin to develop. To earn NASCUS accreditation, an agency must meet or exceed a score of 75% in each of six areas: Department Administration and Finance; Personnel; Training; Examination; Supervision; and Legislative Powers. The agency's qualifications are evaluated by an Accreditation Review Team which reports its findings to the PSC for approval of the accreditation or re-accreditation. PSC in turn makes the final recommendation for approval to the NASCUS Board. The Credit Union Division of the Tennessee DFI is responsible for the examination and supervision of 126 SCCUs and one corporate CU. Assets under the Division's supervision include nearly $6 billion for natural person CUs and approximately $1.5 billion for the corporate CU. NASCUS accredited states supervise more than 80% of total state-chartered CU assets.