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Kentucky Credit Union Regulator Earns Reaccreditation

Thursday, 11 15, 2012

Jennifer Farley Doom, Public Information Officer
502-573-3390 x228
800-223-2579 x228
Jennifer.Doom@ky.gov

FRANKFORT, Ky. – (Nov. 14, 2012) – The Department of Financial Institutions (DFI) has achieved its second reaccreditation this year.

The National Association of State Credit Union Supervisors (NASCUS) recognized DFI as operating a capable and professional regulatory program. The NASCUS accreditation program is designed to assure the quality standards of state-chartered credit union examination and supervision and to apply national standards of performance.

 “Achieving a high score is a testament to the effective operation of DFI, and in particular the Credit Union Branch,” said DFI Commissioner Charles Vice. “This is a significant accomplishment, especially considering that we successfully completed both the banking and credit union reaccreditation processes during 2012.”

DFI earned its fourth Bank Branch reaccreditation from the Conference of State Bank Supervisors (CSBS) in June.

The NASCUS accreditation process includes disciplined self-evaluation, peer review and ongoing monitoring. To earn accreditation, a state supervisory agency must demonstrate that it meets accreditation standards in six areas: department administration and finance; personnel; training; examination; supervision; and legislative powers.

The reaccreditation covers a five-year period. The exact score is confidential.

For more information on DFI’s Credit Union Branch, visit http://kfi.ky.gov/Pages/depository.aspx. For more information on the NASCUS accreditation program, visit http://www.nascus.org/nascus-accreditation.php. 

DFI, which traces its origin to the Banking Act of 1912, is an agency in the Public Protection Cabinet. For 100 years it has supervised the financial services industry by examining, chartering, licensing and registering various financial institutions, securities firms and professionals operating in Kentucky. DFI’s mission is to serve Kentucky residents and protect their financial interests by maintaining a stable financial industry, continuing effective and efficient regulatory oversight, promoting consumer confidence, and encouraging economic opportunities.

 

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