Missouri, North Dakota and Texas Earn NASCUS Re-accreditation

ARLINGTON, Va. – Missouri, North Dakota and Texas have become the first states to be re-accredited by NASCUS in 2006. To earn NASCUS accreditation, a state regulatory agency’s qualifications are evaluated by a NASCUS Accreditation Review Team which completes a thorough examination of the agency’s accreditation application and supporting documents, followed by three days of intense on-site scrutiny of the agency’s programs and performance. In addition to an on-site review, the accreditation process includes extensive self-evaluation questionnaires. NASCSU accreditation is valid for a five-year period subject to annual review. Missouri, North Dakota and Texas follow the re-accreditation of nine states in 2005. In total, NASCUS’ 28 accredited states supervise more than 82% of state chartered credit union assets. The North Dakota Department of Financial Institutions supervises 36 CUs with total assets of more than $2 billion. The department was first accredited in 2000. The Missouri Division of Credit Unions first earned accreditation in 1990 making this year’s re-accreditation its third consecutive one. The division regulates 157 natural person CUs and one state-chartered corporate CU. Their combined assets total more than $8 billion. The Texas Credit Union Department is responsible for the regulation of 243 SCCUs with combined assets of more than $18 billion. Texas has maintained its accreditation since 1996.