The National Association of State Credit Union Supervisors has approved the reaccreditation of state credit union regulatory agencies in Kentucky and Ohio, following the two agencies’ recent five-year reviews.
Kentucky has earned its sixth NASCUS accreditation since winning its first in 1992, while Ohio has gained its fourth NAFCU accreditation since its first was awarded in 2001. The Ohio agency earned a joint accreditation with the Conference of State Bank Supervisors.
The 24 state-chartered credit unions overseen by the Kentucky regulator hold total assets of just over $3.5 billion, while the 139 credit unions supervised by the Ohio entity presently hold $18.8 billion in assets.
“Being re-accredited is a significant achievement and represents the effectiveness and sound supervision of the state credit union regulatory system,” NASCUS president and CEO Lucy Ito said in a statement.
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.
NASCUS accreditation is valid for a five-year period subject to annual review, which enables the accredited agency and the NASCUS Performance Standards Committee to measure progress and improvement.
