ARLINGTON, Va.–Two state regulatory agencies have been reaccredited by the National Association of Credit Union Supervisors.
NASCUS said the state credit union regulatory agencies in Kentucky and Ohio has been approved for reaccreditation, following the two agencies’ recent five-year reviews.
NASCUS reported Kentucky has earned its sixth NASCUS accreditation since winning its first in 1992; Ohio has achieved its fourth NASCUS accreditation since its first was awarded in 2001. The Ohio agency earned a joint accreditation with the Conference of State Bank Supervisors (CSBS).
NASCUS President and CEO Lucy Ito congratulated both Charles Vice, commissioner of the Kentucky Department of Financial Institutions, and Kevin R. Allard, interim superintendent of the Ohio Division of Financial Institutions, on earning the certifications.
“Being reaccredited is a significant achievement and represents the effectiveness and sound supervision of the state credit union regulatory system,” Ito said.
The 24 state-chartered credit unions overseen by the Kentucky regulatory program hold total assets of just more than $3.5 billion. The 139 credit unions supervised by Ohio hold $18.8 billion in assets.
NASCUS accreditation is valid for a five-year period subject to annual review, which enables the accredited agency and the NASCUS Performance Standards Committee (PSC) to measure progress and improvement.
To earn accreditation, an agency’s qualifications are evaluated by an Accreditation Review Team (ART), which completes a thorough examination of the agency’s accreditation application and supporting documents, followed by three days of intense on-site scrutiny of agency programs and performance.