Kentucky OFI CU Division Re-Accredited by NASCUS
FRANKFORT, Ky. -- NASCUS has re-accredited the Kentucky Office of Financial Institution's Credit Union Branch.
According to the regulator, the NASCUS Accreditation Review Team gave OFI a score of 1,756 out of 1,870 (93.9%) for its five-year renewal.
"The Kentucky Office of Financial Institutions is gratified to be recognized by its peers as a highly skilled, competent, professional organization that capably fulfills the important responsibility of ensuring the safety and soundness of our Kentucky state-chartered credit unions," OFI Executive Director Cordell Lawrence said.
NASCUS re-accreditation is based on the regulatory agency's ability to fulfill standards in six designated areas, including department administration and finance, personnel, training, examination, supervision and legislative powers. The review was conducted primarily on-site at OFI's Frankfort office over three days in June.
"The accreditation process provides an objective critical analysis to ensure we are current in our examination policies and procedures and that we employ nationally recognized best practices of regulatory supervision and oversight," Lawrence added.