ARLINGTON, Va. – The National Association of State Credit Union Supervisors (NASCUS) said the South Carolina Board of Financial Institutions; Office of the Commissioner of Banking has earned Accreditation.
The accreditation follows a “series of in-depth reviews and assessments by a panel of veteran state supervisors,” according to NASCUS.
“I am very proud that we have been accredited by NASCUS,” said Commissioner of Banking Kathy Bickham. “Our team works very hard to supervise the state-chartered credit unions in South Carolina, and being accredited confirms that we have the ability and resources to effectively carry out our regulatory and supervisory duties. Having an independent team of experts to review our processes and procedures, compare them to industry standards and best practices, and give us feedback is very helpful, and we appreciate the work of the accreditation team.”
Obtaining Accreditation
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, adding the process of NASCUS Accreditation also entails a thorough evaluation and continuous monitoring carried out by the NASCUS Performance Standards Committee (PSC), consisting of experienced regulators from accredited state agencies.
"Attaining NASCUS Accreditation signifies the remarkable skills of state regulatory agencies in adhering to the highest standards of regulatory expertise and industry benchmarks," said NASCUS President and CEO Brian Knight. "Additionally, the accreditation review process aids in identifying opportunities for statutory, regulatory, or supervisory adjustments to further improve the agency and the state's charter while efficiently utilizing resources."
History of Program
NASCUS said it began developing the Accreditation program in 1989 to administer and ensure states’ credit union examination and supervision quality standards. The program, it said, is modeled on the university accreditation concept, applies national performance standards to a state’s credit union regulatory program.
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