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News Now

CU System
Louisiana regulator re-accredited by NASCUS
ARLINGTON, Va. (1/22/10)--The Louisiana Office of Financial Institutions (OFI), which oversees credit unions in the state, has been re-accredited by the National Association of State Credit Union Supervisors (NASCUS). This is the third consecutive re-accreditation for Louisiana, which was first accredited in 1995. OFI is responsible for the examination and supervision of 45 credit unions and one state-chartered corporate credit union with combined assets of $1.28 billion. NASCUS' 28 accredited states supervise more than 85% of the nation's state-chartered credit union assets. "This recognition validates the integrity of our examination process and provides an independent and comprehensive assessment of the strengths of the credit union division," said John Ducrest, commissioner of the Louisiana OFI. "The comprehensive critique also allows us to make improvements based on current regulatory standards and best practices." NASCUS accreditation is for a five-year period, subject to annual review. The annual review enables the agency and NASCUS' Performance Standards Committee to measure progress and improvement. To earn the accreditation, a state supervisory agency must meet standards in six areas: department administration and finance, personnel, training, examination, supervision and legislative powers.


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