SACRAMENTO, Calif.— The California Department of Financial Protection & Innovation has earned reaccreditation from NASCUS following a series of in-depth reviews and assessments by a panel of veteran state supervisors.
“I am proud that the Department of Financial Protection and Innovation has earned reaccreditation from NASCUS,” said DFPI Commissioner Clothilde V. Hewlett in a statement. “With the DFPI credit union division supervising 120 credit unions with more than $155 billion in assets, our work is important to communities and the state economy. I congratulate our phenomenal team of examiners and administrators for continuing to adapt through the pandemic to provide critical services and thank the staff at NASCUS for helping us in this important effort.”
According to NASCUS, accreditation is a robust process that includes disciplined self-evaluation and ongoing monitoring, administered by the NASCUS Performance Standards Committee (PSC), a group of senior regulators from accredited state agencies.
“This peer-reviewed program recognizes achievements of state credit union regulators to effectively carry out regulatory and supervisory programs in their operations and utilization of resources,” said NASCUS President and CEO Brian Knight. “Achieving NASCUS Accreditation reflects the exceptional capabilities of state regulatory agencies and their ability to meet the highest level of regulatory proficiency and industry standards. Furthermore, the Accreditation review process can identify opportunities for statutory, regulatory, or supervisory changes to further enhance the agency and the state’s charter.”
To earn accreditation, a credit union state supervisory agency must demonstrate that it meets accreditation standards in agency administration and finance, personnel and training, examination, supervision, and legislative powers.
‘Skilled and Professional’
Added NASCUS Vice President of State Programs and Supervisory Policy Liz Evans, who administers the accreditation program, “The NASCUS Accreditation Program acknowledges credit union regulatory agencies that serve the citizens of their state through the operation of an effective, skilled, and professional program with credit union safety and soundness at the forefront of supervision. We commend you on your leadership of a regulatory agency that meets the standards of the NASCUS Accreditation Program and strengthens the state credit union system as a whole. Thank you for all of the work you do.”
NASCUS reported it began developing the Accreditation program in 1989 to administer and assure states’ credit union examination and supervision quality standards. This program, modeled on the university accreditation concept, applies national performance standards to a state’s credit union regulatory program.
For info: https://www.nascus.org/state-activities/accreditation/