The National Association of State Credit Union Supervisors has awarded formal accreditation to the Massachusetts Division of Banks.

The accreditation means the department meets national regulatory standards for supervising state-chartered credit unions. As a result, federal regulators may continue to accept the state's examinations and reports of federally insured state-chartered credit unions, rather than conducting their own costly reviews.

With a staff of 190, the state division supervises 124 state-chartered credit unions with more than $6 billion in assets, as well as 217 banks with $85 billion in assets.

Massachusetts, which has been accredited by the Conference of State Bank Supervisors since December 1994, is the 12th state to receive accreditation from the trade group.

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