ARLINGTON, Va. — NASCUS recently announced that 12 state regulatory agencies received re-accreditation from NASCUS last year.
NASCUS' Accreditation Program covers 28 states supervising approximately 84% of state credit union assets and 80% of state chartered credit unions. The 12 states that earned re-accreditation in 2006 were Arizona, Georgia, Iowa, Massachusetts, Missouri, New Mexico, North Dakota, Ohio, Pennsylvania, Texas, Vermont and Wisconsin.
"NASCUS accreditation is a significant achievement and represents the effectiveness and sound supervision of the state credit union regulatory system," NASCUS President/CEO Mary Martha Fortney stated. "We expect another strong year for the Accreditation Program and the state credit union system in 2007."
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"Through the NASCUS accreditation self-evaluation and on-site review by a highly skilled and knowledgeable review team, our agency is provided with opportunities to further strengthen our credit union regulatory program," Robert Braswell, commissioner of the Georgia Department of Banking and Finance, commented. "NASCUS accreditation enhances the reputation of our Department in the eyes of stakeholders, other regulators and the private sector."
Suzanne Cowan, director of the Wisconsin Office of Credit Unions, said, "Re-accreditation affirms that our efforts have succeeded to operate in an efficient and effective manner and to hire and train the most qualified people to examine the 269 Wisconsin state-chartered credit unions."
Accreditation is valid for five years, subject to annual review, and requires self-evaluation, stringent peer review and intense on-site examination. The NASCUS Accreditation Program, administered by the NASCUS Performance Standards Committee, measures a state regulatory agency's ability and resources to effectively carry out its regulatory and supervisory programs.
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