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Virginia CFI Earns NASCUS Accreditation

RICHMOND, Va. - The Virginia Bureau of Financial Institutions has become the 27th state to earn NASCUS accreditation. The Virginia BFI regulates 70 state-chartered CUs in the Virginia Commonwealth, with combined assets of nearly $4 billion. To earn NASCUS accreditation, a state regulatory agency must meet or exceed a score...

By Staff Writer | Updated on January 14, 2003

RICHMOND, Va. – The Virginia Bureau of Financial Institutions has become the 27th state to earn NASCUS accreditation. The Virginia BFI regulates 70 state-chartered CUs in the Virginia Commonwealth, with combined assets of nearly $4 billion. To earn NASCUS accreditation, a state regulatory agency must meet or exceed a score of 75% in each of six areas – department administration and finance; personnel; training; examination; supervision; and legislastive powers. The agency’s qualifications and review team findings are audited by an Accreditation Audit Working Group and the NASCUS Performance Standards Committee, which makes the final recommendation on approval to the NASCUS Board of Directors. Accreditation is valid for five years and is subject to annual review. Virginia’s accreditation brings the percentage of assets under the supervision of accredited state agencies to almost 80%.

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