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Michigan OFIR reaccredited by NASCUS
ARLINGTON, Va. (6/2/09)--The National Association of State Credit Union Supervisors (NASCUS) approved the re-accreditation of the Michigan Office of Financial and Insurance Regulation (OFIR) for the fifth year in a row. The Michigan agency was the first state credit union regulatory agency to earn NASCUS accreditation status in 1989. OFIR supervises 215 credit unions with combined assets of approximately $25 billion. “Earning NASCUS re-accreditation is certainly a feather in our cap,” OFIR Commissioner Ken Ross said. “The intense review of our programs and operations provided our staff with valuable insight into where we were strong and where we had room for improvement.” NASCUS accreditation is valid for five years, subject to annual review. The annual review enables the accredited agency and the NASCUS Performance Standards Committee to measure progress and improvement. NASCUS’ 28 accredited states supervise 85% of state-chartered credit union assets. “NASCUS re-accreditation is a significant achievement and represents the effectiveness and sound supervision of the state credit union regulatory system,” said NASCUS President/CEO Mary Martha Fortney.
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