Credit Union News
January 26, 2017
Missouri Division of Credit Unions reaccredited by NASCUS
The division has been accredited since 1990. Missouri now sixth in nation for state chartered credit unions.
Jefferson City, Mo. - The Missouri Division of Credit Unions has again achieved national accreditation by the National Association of State Credit Union Supervisors (NASCUS). NASCUS accreditation is an independent review that ensures the agency’s policies and procedures meet the highest professional standards. The division was the fifth state credit union regulatory agency in the nation to receive accreditation in 1990, maintaining its accredited status every five years.
“National accreditation is a significant achievement for our agency. Our staff is to be commended for this accomplishment, as they take great pride in fulfilling their roles in safeguarding the deposits of Missouri’s 1.4 million credit union members,” said Ken Bonnot, Director of the Missouri Division of Credit Unions. “Accreditation provides assurance that our state-chartered credit unions in Missouri are properly examined and supervised in the most effective and efficient manner.”
The accreditation process reviews all aspects of the Division’s operations, including its mission, funding, policies, procedures and statutory authorities. A team of state regulators from across the nation performs the review with the results being submitted to the Performance Standards Committee of NASCUS, which votes on the final accreditation decision. “Being accredited is a significant achievement for a state supervisory agency as it ensures effective, sound and uniform supervision across the nation’s state credit union system,” said Lucy Ito, NASCUS President and CEO.
Missouri ranks sixth in the nation in the number of state-chartered credit unions with 108 having cumulative assets of nearly $13 billion. Deposits are insured by the National Credit Union Share Insurance Fund (NCUSIF) up to $250,000, just as bank deposits are insured by the FDIC to the same limit.
A searchable listing of state-chartered credit unions is available at the division's website. Consumers can file complaints or ask general questions about credit unions online or by calling 573-751-3419.
About the Missouri Department of Insurance, Financial Institutions & Professional Registration
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.