Connecticut Earns NASCUS Re-accreditation
This news release was issued jointly by the Department of Banking
and the National Association of State Credit Union Supervisors (NASCUS).
May 27, 2005 -
The National Association of State Credit Union Supervisors (NASCUS) has announced that the Connecticut Department of Banking (DOB) has earned five-year re-accreditation by NASCUS. Mary Martha Fortney, NASCUS President and CEO made the announcement.
Connecticut was first accredited in 1990, and earned five-year re-accreditation in both 1995 and 2000. It is also one of the first five states to become NASCUS accredited, and the second to earn fourth-time re-accreditation.
"I am very pleased and proud to learn of the agency's re-accreditation by NASCUS. This approval is a reflection of the hard work and dedication to duty by the Department of Banking employees," said DOB Commissioner John P. Burke.
Accreditation is valid for a five-year period, subject to annual review. The annual review process enables the accredited agency and the Performance Standards Committee to measure progress and improvement, and in some cases, identify where weaknesses may be beginning to develop. NASCUS accredited states supervise more than 80 percent of state-chartered credit union assets.
"NASCUS accreditation is an exceptional designation and a symbol of the effectiveness of the state credit union regulatory system," said Fortney. "The DOB has consistently met NASCUS accreditation performance standards for more than 15 years, effectively accomplishing its responsibility to charter, examine, supervise and regulate the credit unions under the laws of the State of Connecticut."
To earn NASCUS accreditation, an agency must meet or exceed a score of 75 percent in each of six areas: Department Administration and Finance; Personnel; Training; Examination; Supervision and Legislative Powers. The agency's qualifications and review team findings are audited by an Accreditation Audit Working Group and the NASCUS Performance Standards Committee (PSC), which makes the final recommendation for approval to the NASCUS Board of Directors.
"With this endorsement, the Department will be able to continue its mission to protect Connecticut consumers from unlawful or improper practices," said Burke. "The Department of Banking is committed to maintaining a standard of excellence in meeting its regulatory responsibility."
The Connecticut Department of Banking regulates 43 natural person credit unions with combined assets of approximately $2.6 billion.