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Michigan OFIS Earns NASCUS Reaccreditation

ARLINGTON, Va. - The Michigan Office of Financial Institutions - the first state regulatory agency to earn NASCUS accreditation in 1989 when the accreditation program was adopted by the NASCUS Board - has earned five-year reaccreditation by the association. As the first state accredited by NASCUS, Michigan becomes the first...

By Staff Writer | Updated on June 08, 2004

ARLINGTON, Va. – The Michigan Office of Financial Institutions – the first state regulatory agency to earn NASCUS accreditation in 1989 when the accreditation program was adopted by the NASCUS Board – has earned five-year reaccreditation by the association. As the first state accredited by NASCUS, Michigan becomes the first state to be accredited for a fourth time. NASCUS accreditation is valid for a five-year period, subject to annual review. NASCUS accredited states supervise nearly 80% of all state-chartered credit union assets. To earn NASCUS accreditation, an agency must meet or exceed a score of 75% in each of six areas: Department Administration and Finance; Personnel, Training; Examination; Supervision and Legislative 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 for approval to the NASCUS Board. “Under the leadership of Deputy Commissioner Roger Little, the Credit Union Division has demonstrated conclusively that it has the ability, the resources, and the programs in place to carry out its mission to ensure that Michigan credit unions are operated safely and soundly and that public confidence is maintained,” said NASCUS President/CEO Mary Martha Fortney.

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