The credit union division at the Illinois Department of Financial and Professional Regulation (IDFPR) received certification of accreditation from the National Association of State Credit Union Supervisors (NASCUS).
IDFPR’s Credit Union Division received the accreditation for “meeting the highest levels of regulatory proficiency, creating a benchmark of standardized regulatory procedures and best practices, as well as a methodology for measuring effectiveness,” according to a NASCUS-issued press release on Friday.
NASCUS’s 26 accredited state agencies supervise nearly 86% of state-chartered credit union assets. Illinois, as the newest accredited state agency, ranks first nationally in the number of state-chartered credit unions with a combined $35 billion in assets.
“The NASCUS accreditation serves as the gold standard and a benchmark in the examination process,” Bryan Schneider, secretary at IDFPR, said in the release. “I commend our credit union division for this achievement, and for their exceptional work throughout the accreditation process, as Illinois now joins the NASCUS accredited family for the first time in agency history.”
A state supervisory agency earns accreditation by meeting standards in six areas: department administration and finance, personnel, training, examination and supervision.
“Today’s accreditation serves as confirmation of the increasingly constructive interaction credit unions have experienced with the department over the last couple of years,” said Tom Kane, president and chief executive of the Illinois Credit Union League.
