SAN ANTONIO — Former NASCUS chairman George Reynolds received the organization's Pierre Jay Award, which honors contributions to state-chartered credit unions.

“George exemplifies the meaning of the Pierre Jay Award, and I can't think of anyone more deserving,” said NASCUS Chairman Tom Candon. “His contributions to NASCUS have clearly strengthened this organization. We are grateful that we can recognize him for his dedication to regulatory professionalism and his commitment to making the state system better and stronger during his career.”

Reynolds, who retired earlier this year after a 34-year career as a state regulator in Georgia, chaired NASCUS from 2007 to 2009. During that time, he testified on Capitol Hill about the importance of preserving the dual chartering system and on the need to allow credit unions to accept secondary capital.

The award, which NASCUS has given annually since 1997, is named for Pierre Jay, who was the first banking commissioner of Massachusetts and granted the first state charter to a credit union.

Reynolds received the award during the luncheon on the opening day of the NASCUS State System Summit.

At the conference, three NASCUS board members began serving new three-year terms: Candon, the deputy commissioner of banking and securities for the Vermont Department of Banking, Insurance, Securities and Health Care Administration; Sue Cowan, the director of the Wisconsin Office of Credit Unions; and Linda Jekel, the director of the Washington Division of Credit Unions. Jekel preceded Reynolds as chairman of NASCUS.

Candon's two-year term as chairman runs through September 2011. The board also re-elected Orla Beth Peck, supervisor of credit unions at the Utah Department of Financial Institutions, as chairman-elect and Cowan as secretary-treasurer.