The Illinois Department of Financial and Professional Regulation (IDFPR) Credit Union Section recently received the certificate of accreditation from the National Association of State Credit Union Supervisors (NASCUS).
The accreditation by NASCUS signifies that IDFPR’s Credit Union Section met the highest-levels of regulatory proficiency, reaching a benchmark of standardized regulatory procedures and best practices. The accreditation was announced at the NASCUS State System Summit in Chicago on Thursday.
“Accreditation of a state agency is earned only after a rigorous evaluation process, conducted by an Accreditation Review Team (ART), which includes 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,” Lucy Ito, president and chief executive officer of NASCUS, said. “Illinois successfully earned its accreditation after being subjected to this review, joining 26 other states across the country that have earned this status. Our sincere congratulations to the Illinois Department of Financial and Professional Regulation.”
Prior to obtaining accreditation, a state supervisory agency must meet specific standards in the areas of department administration and finance, personnel, training, examination and supervision. Approximately 86 percent of state-chartered credit union assets are supervised by NASCUS agencies.
“The NASCUS accreditation serves as the gold standard and a benchmark in the examination process,” Bryan A. Schneider, secretary of the IDRPR, said. “I commend our Credit Union Section 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.”