DES MOINES, Iowa– The Iowa Division of Credit Unions has earned Reaccreditation by the National Association of State Credit Union Supervisors following a series of in-depth reviews and assessments by a panel of veteran state supervisors.
“I am very proud that the Iowa Division of Credit Unions was reaccredited by NASCUS. My team works every day to exhibit the core values of the Division and to manifest the mission of the Division: Protecting and securing the integrity of the Iowa Credit Union System, providing thorough financial analysis and risk identification, innovative solutions, and collaboration,” said Superintendent Katie Averill. “The NASCUS accreditation process provides valuable feedback to ensure the Division is doing its best to provide effective oversight to the 80 Iowa state-chartered credit unions, 1.4 million members, and $27.6 billion of regulated assets in the Iowa credit union system.”
‘Robust Process’
NASCUS said its 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,” commented 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.”
How to Earn Accreditation
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, NASCUS added.
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,” NASCUS said.
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