BOSTON (6/4/14)--The Massachusetts Division of Banks has received accreditation from the National Association of Credit Union Supervisors (NASCUS), the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR).
Certification means that the division maintains the highest standards and practices for state banking, credit unions, and mortgage supervision as defined by each of the three supervisory bodies.
Massachusetts achieved accreditation in all three programs as part of a joint pilot program among CSBS, NASCUS and AARMR. The program is being developed to help states gain multiple accreditations at one time.
"This reaccreditation confirms that the division's regulatory programs are strong and positioned to protect Massachusetts consumers while ensuring the safety and soundness of the state financial system," said David Cotney, Massachusetts commissioner of banks. "Because of the CSBS, NASCUS and AARMR joint-review, the division was able to obtain several accreditations at once, saving time and allowing the division to focus more of its resources on supervision."
This is the division's fifth bank accreditation, receving the first in 1994. Massachusetts was first accredited by NASCUS in 1996. The division's initial mortgage accreditation was received in 2008--the first mortgage accreditation awarded as part of the nationwide program.