Credit Union News
January 26, 2023
Missouri’s Division of Credit Unions Earns National Reaccreditation
Jefferson City, Mo – The Missouri Department of Commerce and Insurance (DCI) is proud to announce that the Division of Credit Unions has earned Reaccreditation through the National Association of State Credit Union Supervisors (NASCUS) following a series of in-depth reviews and assessments by a panel of veteran state supervisors from across the U.S.
“The mission of the Division of Credit Unions is to ensure the safety and soundness of Missouri’s state-chartered credit unions,” said Division Director Ken Bonnot. “The Division’s reaccreditation by NASCUS confirms our commitment to safeguarding member assets and preserving the integrity of Missouri’s credit union industry.”
NASCUS Accreditation is a robust process that includes disciplined self-evaluation and ongoing monitoring administered by the NASCUS Performance Standards Committee (PSC), a group of senior regulators from other nationally accredited state agencies. Missouri’s Division of Credit Unions was one of the first to become an accredited state agency in 1990, with the process of reaccreditation being conducted every five years.
“Maintaining national accreditation in 2023 demonstrates Missouri’s Division of Credit Unions continues to meet and exceed the highest levels of regulatory proficiency and industry standards,” DCI Director Chlora Lindley-Myers said. “I am proud of our state team of credit union regulators whose hard work and efforts have been a direct reflection of this successful outcome and achievement.”
NASCUS began developing the Accreditation program in 1989 to administer and ensure states’ credit union examination and supervision quality standards. This program, modeled on the university accreditation concept, applies national performance standards to a state’s credit union regulatory program.
To earn Accreditation, a credit union state supervisory agency must demonstrate that it meets accreditation standards in agency administration and finance, personnel and training, examination, supervision, and legislative powers. Learn more at https://www.nascus.org/state-activities/accreditation/.
The Division of Credit Unions examines and oversees Missouri’s 89 state-chartered credit unions with over $21 billion in assets, and is one of nine divisions within the Missouri Department of Commerce and Insurance. DCI is charged with protecting Missouri consumers through oversight of the insurance industry, banks, credit unions, utilities and various professional licensees operating in the state. For more information about the department, please visit our website at dci.mo.gov.
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.