LANSING – The Office of Financial and Insurance Regulation (OFIR) has successfully completed the rigorous re-accreditation process of the National Association of State Credit Union Supervisors (NASCUS). NASCUS, a professional regulators association, is the primary resource and voice of the 47 state governmental agencies that charter, regulate and examine the nation’s state-chartered credit unions.

OFIR was the first state credit union regulatory agency to earn NASCUS accreditation status in 1989. This re-accreditation is the agency’s fifth consecutive re-accreditation by NASCUS.

“Earning NASCUS Accreditation is certainly a feather in our cap,” OFIR Commissioner Ken Ross said. “The intense review of our programs and operations provided our staff with valuable insight into where we were strong and where we had room for improvement.”

OFIR regulates 215 state-chartered credit unions with combined assets of approximately $25 billion.

NASCUS accreditation is valid for a five-year period subject to annual review. The annual review process enables the accredited agency and the NASCUS Performance Standards Committee (PSC) to measure progress and improvement. NASCUS’ 28 accredited states supervise more than 85 percent of state-chartered credit union assets.

To earn accreditation, an agency’s qualifications are evaluated by an Accreditation Review Team (ART) who 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.

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