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Illinois Financial Regulator Receives Credit Union National Accreditation

News Release – Thursday, October 6, 2016

CHICAGO – Illinois Department of Financial and Professional Regulation (IDFPR) Secretary Bryan A. Schneider announced today that its Credit Union Section has received the certificate of accreditation from the National Association of State Credit Union Supervisors (NASCUS). The NASCUS accreditation means IDFPR’s Credit Union Section has met the highest levels of regulatory proficiency, creating a benchmark of standardized regulatory procedures and best practices, as well as a methodology for measuring effectiveness. The accreditation was bestowed upon IDFPR at the NASCUS State System Summit held in Chicago on Thursday.

“The NASCUS accreditation serves as the gold standard and a benchmark in the examination process,” said Bryan A. Schneider, IDFPR Secretary. “I commend our Credit Union Section for this achievement and for their exceptional work throughout the accreditation process, as Illinois now joins the NASCUS accredited family for the first time in agency history.”

To earn accreditation, a state supervisory agency must demonstrate that it meets standards in six areas: Department Administration & Finance, Personnel, Training, Examination and Supervision. Nationwide, nearly 86 percent of state chartered credit union assets are supervised by NASCUS' 26 accredited state agencies. As the 27th, and newest accredited state agency, Illinois ranks first nationwide in the number of state chartered credit unions, possessing a combined $35 billion in assets.

"Accreditation of a state agency is earned only after a rigorous evaluation process, conducted by an Accreditation Review Team (ART), which includes a thorough examination of the agency's accreditation application and supporting documents, followed by three days of intense on-site scrutiny of agency programs and performance," said NASCUS President and CEO Lucy Ito. "Illinois successfully earned its accreditation after being subjected to this review - joining 26 other states across the country that have earned this status. Our sincere congratulations to the Illinois Department of Financial and Professional Regulation."

“Today’s accreditation serves as confirmation of the increasingly constructive interaction credit unions have experienced with the department over the last couple of years,” said Tom Kane, President/CEO of Illinois Credit Union League. “The Credit Union Section at IDFPR is top-notch. It’s apparent the supervisors and staff take great pride in carrying out their regulatory and supervisory roles with a commitment to excellence. We applaud their NASCUS accreditation.”

For more information on IDFPR’s Credit Union Section, please visit their website. Follow IDFPR on Twitter and Facebook to stay current on the latest from the state’s regulatory agency.