Connecticut Department of Banking Earns NASCUS Re-accreditation Again

ARLINGTON, Va. – The Connecticut Department of Banking has earned five-year re-accreditation by NASCUS. First accredited in 1990, the Connecticut regulatory agency earned five-year re-accreditation both in 1995 and 2000. It was one of the first five states to become NASCUS accredited and the second to earn re-accreditation for the fourth time. Accreditation is valid for a five-year period, subject to an annual review process that enables the accredited 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, an 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 and review team findings are audited by an Accredited Audit Working Group and the NASCUS Performance Standards Committee which makes the final recommendation for approval to the NASCUS Board. Connecticut DOB Commissioner John Burke said with the re-accreditation, "the Department will be able to continue its mission to protect Connecticut consumers from unlawful or improper practices. The Department of Banking is committed to maintaining a standard of excellence in meeting its regulatory responsibility." NASCUS accredited states supervise more than 80% of state-chartered credit union assets.