LANSING, Mich.–The Michigan Department of Insurance and Financial Services’ (DIFS) Office of Credit Unions (OCU) has been reaccredited by the National Association of State Credit Union Supervisors (NASCUS).

“This reaccreditation demonstrates our department’s reliable supervisory programs and commitment to the rigorous standards set by NASCUS,” Director Anita Fox said in a statement. “We appreciate the support and partnership that NASCUS provided throughout the reaccreditation process, which is essential for the state-based regulation of credit unions.”

According to NASCUS, it accredits organizations through a rigorous series of in-depth reviews and evaluations conducted by the NASCUS Performance Standards Committee (PSC), which includes veteran regulators from accredited state agencies. Accreditation also involves a comprehensive assessment and continuous monitoring to ensure the highest standards of regulatory excellence are met and maintained., NASCUS added.

Steps Taken

To meet accreditation standards, OCU demonstrated compliance in agency administration and finance, personnel and training, examination, supervision, and legislative powers, NASCUS said.

NASCUS reported it started its accreditation program in 1989, and Michigan was the first state to receive accreditation in the same year.

All of DIFS’ financial regulatory programs have earned accreditation recognizing the department’s commitment to consumer protection and robust oversight, according to NASCUS.