MADISON, Wis.–The Wisconsin Department of Financial Institutions, Office of Credit Unions has earned Reaccreditation from NASCUS following a series of in-depth reviews and assessments by a panel of veteran state supervisors.
“We are pleased the Wisconsin Office of Credit Unions received reaccreditation from the National Association of State Credit Union Supervisors,” said Wisconsin Department of Financial Institutions Secretary-designee Cheryl Olson-Collins. “This professional recognition affirms our agency is meeting superior regulatory standards and demonstrates we serve the people of Wisconsin through operating an effective, skilled, and professional program with credit union safety and soundness at the forefront of supervision. We look forward to continuing to meet these standards for years to come.”
‘Robust Process’
According to NASCUS, 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,” 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.
‘Effective, Skilled, Professional’
NASCUS Vice President of State Programs and Supervisory Policy Liz Evans 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,” said Evans.
NASCUS said it began developing the Accreditation program in 1989 to administer and ensure states’ credit union examination and supervision quality standards. It added the program, modeled on the university accreditation concept, applies national performance standards to a state’s credit union regulatory program.
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