ARLINGTON, Va. – The National Association of State Credit Union Supervisors (NASCUS) said the Arizona Department of Insurance and Financial Institutions (DIFI) has earned Accreditation following a series of in-depth reviews and assessments by a panel of veteran state supervisors.
"As one of the Department of Insurance and Financial Institution's duties to Arizona consumers, we routinely examine financial institutions operating in Arizona to ensure their compliance with our laws,” said DIFI Director Barbara Richardson. "I am proud of our team’s accomplishment and Accreditation."
To help us ensure this compliance at all levels, the Department voluntarily participates in an accreditation review. This review is conducted by independent experts who examine the Department's operations to ensure we are following best practices and providing the highest level of service to Arizona consumers.”
‘Thorough Evaluation’
According to NASCUS, the path to Accreditation entails a thorough evaluation and continuous monitoring carried out by the NASCUS Performance Standards Committee (PSC), consisting of experienced regulators from accredited state agencies.
“Achieving NASCUS Accreditation reflects the exceptional capabilities of state regulatory agencies in meeting the highest standards of regulatory proficiency and industry norms,” said NASCUS President and CEO Brian Knight. “Moreover, the Accreditation review process helps identify opportunities for statutory, regulatory, or supervisory modifications to further enhance the agency and the state's charter.”
To obtain accreditation, a credit union state supervisory agency must demonstrate compliance with the accreditation standards in areas such as agency administration and finance, personnel and training, examination, supervision, and legislative powers, NASCUS said, noting it launched its accreditation program in 1989.
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