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Pennsylvania CU regulator accredited by NASCUS

HARRISBURG, Pa. - Pennsylvania's Department of Banking has become the 25th state regulatory agency to be accredited by NASCUS. For the agency, the accreditation status means the NASCUS Accreditation Review Team, Accreditation Audit Working Group and the Performance Standards Committee concluded that the Pennsylvania Department of Banking exceeds all the...

By Staff Writer | Updated on June 26, 2001

HARRISBURG, Pa. – Pennsylvania’s Department of Banking has become the 25th state regulatory agency to be accredited by NASCUS. For the agency, the accreditation status means the NASCUS Accreditation Review Team, Accreditation Audit Working Group and the Performance Standards Committee concluded that the Pennsylvania Department of Banking exceeds all the criteria necessary to fulfill its statutory responsibility to charter, examine, supervise and regulate the credit unions chartered under the laws of Pennsylvania. For NASCUS, the achievement means NASCUS accredited state agencies now regulate over 73% of U.S. state credit union assets. As with all accredited agencies, NASCUS will evaluate the Department of Banking’s accreditation every year for five years, after which the Department will undergo the full review again to retain its status. During the annual evaluations, the Department must show it has maintained the procedures and practices that earned it the accreditation in the first place.

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