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ARLINGTON, Va. – The Utah Department of Financial Institutions has earned a five-year re-accreditation by NASCUS. Utah 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 allows the accredited state agency and the NASCUS Performance Standards Committee to measure progress and improvement, and in some cases identify where weaknesses may be beginning to develop. To earn NASCUS accreditation, a state regulatory 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 a NASCUS Accreditation Review Team (ART) that completes a thorough examination of the agency’s accreditation application and supporting documents, followed by three days of intense on-site examination of the agency’s programs and performance in each of the six areas. ART in turn reports its findings on the agency’s conformity with accreditation standards and makes its recommendations to the PSC for approval of the accreditation or reaccreditation. Based on the ART’s report and the audit of the team’s findings by an Accreditation Audit Working Group, the PSC makes the final recommendation for approval to the NASCUS Board. NASCUS accredited states supervise more than 80% of state chartered credit union assets. The combined assets of Utah’s state-chartered CUs is approximately $2 billion.

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