Credit Union Division
Re-Accredited By National Organization
March 14, 1996
The Credit Union Division of the Connecticut Department of Banking has earned the prestigious status of re-accredited State Credit Union Supervisory Agency, a distinction awarded by the National Association of State Credit Union Supervisors (NASCUS) of Arlington, Virginia.
Today, the division and members of its staff were honored at a ceremony held at the banking department's Constitution Plaza headquarters. A certificate of re-accreditation was presented by Douglas F. Duerr, President/CEO of NASCUS, to Banking Commissioner John P. Burke.
"Connecticut is one of only eleven states to hold this prestigious certification," Burke said in his acceptance statement. "This demonstrates the initiative and leadership of our people in providing the best possible regulation of credit unions," Burke added, complimenting Credit Union Division Director Tom Zaleski and his staff for their continued excellence in monitoring the safety and soundness of Connecticut's credit unions. The agency supervises 72 state-chartered credit unions with assets of approximately $1.6 billion.
Duerr noted that NASCUS's Accreditation Review Team and its Accreditation Audit Committeee and Performance Standards Committee have positively concluded that the Credit Union Division continues to meet all criteria necessary to fulfill its statutory reponsibility to charter, examine, supervise and regulate the credit unions chartered under the laws of Connecticut.
NASCUS is the national association of state officials responsible for chartering, supervising and regulating the nation's state-chartered credit unions. NASCUS also oversees the NASCUS Credit Union Council, the Foundation for Preservation of Dual Chartering and the National Institute for State Credit Union Examination. NASCUS accreditation evidences to the general public, the federal credit union agency, Congress, and other state credit union departments that Connecticut's Department of Banking is a quality regulator of state credit unions.
The rigorous re-accreditation process began last year with a Self-Evaluation Study, which reviewed all aspects of the Credit Union Division's operations; its mission, policies, procedures, funding, and statutory authority. Next, a Review Team of veteran state regulators visited the banking department to determine whether it had effectively fulfilled its responsibility of chartering, regulating and supervising the state's credit unions. The Review Team reported its findings and made a favorable recommendation to NASCUS's Performance Standards Committee, which voted on the final accreditation decision.
"This accreditation is important to all citizens of Connecticut because it testifies that the Connecticut Department of Banking is a quality regulator," Burke said. "The credit union staff of the Connecticut Department of Banking has demonstrated that they are willing and able to meet the challenges facing the credit union industry."
When the Credit Union Division was first accredited by NASCUS in 1990, it was one of only three states in the country to receive the recognition. Its re-accreditation status is valid for a five year period, subject to the approval of annual evaluation update reports which must be submitted to NASCUS.
The Connecticut Department of Banking is also responsible for supervising banks, mortgage lenders, securities dealers and other financial services providers. The agency's Bank Examination Division was awarded accreditation in June of 1995 by the Conference of State Bank Supervisors (CSBS) for supervising excellence of state-chartered banks.