State financial institution regulatory agencies in Idaho and Vermont have been approved for reaccreditation by the National Association of State Credit Union Supervisors (NASCUS) and the Conference of State Banking Supervisors (CSBS), in the wake of recent reviews, NASCUS announced.
Specifically, the Idaho Department of Finance was re-accredited in late December, while the Vermont Department of Financial Regulation was re-accredited in early January.
NASCUS noted that these events mark the fifth such accreditation for Idaho since the state agency was first accredited in 1990. Vermont was first accredited in 1996.
NASCUS accreditation is valid for a five-year period, subject to annual review.
"Being reaccredited is a significant achievement and represents the effectiveness and sound supervision of the state credit union regulatory system," said Lucy Ito, NASCUS president and CEO, in a statement. "Congratulations to these two states for their commitment and dedication to maintaining their certifications, and to Idaho Director Gavin Gee and Vermont Commissioner Susan Donegan for their leadership."
The NASCUS Accreditation Program was adopted in 1989 to "administer and assure the quality standards" of states' credit union examination and supervision.
The program, which was modeled on the university accreditation concept, applies national standards of performance to a state's credit union regulatory program.
