ARLINGTON, Va. -- Colorado's Division of Financial Services recently earned re-accreditation from NASCUS.
Colorado was first accredited in 1996 with two subsequent consecutive re-accreditations. "The significance of the re-accreditation is great for the agency in terms of what it means to the credit unions we regulate," Colorado Financial Services Commissioner Chris Myklebust said. "I made it a priority to make sure this agency is meeting the expectations of those we serve through our regulatory program. Accreditation provides the Division with credibility in the eyes of all those parties we work with for the betterment of Colorado's state charters."
NASCUS accreditation is valid for a five-year period subject to annual review. Twenty-eight states are currently accredited by NASCUS, representing more than 83% of state chartered credit union assets.
Agency qualifications are evaluated by an Accreditation Review Team, which completes an examination of the agency's applications and supporting documentation as well as three-days of on-site examination. A self-evaluation questionnaire is also included. "The opportunity to justify our regulatory program by comparing it to national standards for best practices is most valuable. I appreciate the depth of communication that I was able to achieve with the on-site review team," said Myklebust. "The changes we employ as a result of the accreditation process will make the Division more effective."
The division supervises 63 natural person credit unions and one corporate, with combined assets of approximately $7.2 billion.