DIFI RECEIVES ACCREDITATION FROM NATIONAL CREDIT UNION ORGANIZATION
Phoenix, AZ – On June 7, 2023, the Arizona Department of Insurance and Financial Institutions (DIFI) was approved for Accreditation by the Performance Standards Committee (PSC) of the National Association of State Credit Union Supervisors (NASCUS).
DIFI’s Financial Institutions Division participates in a voluntary, in-depth examination every five years to ensure the division’s processes, procedures and training meet the highest level of regulatory proficiency and industry standards set forth by the PSC. The PSC employs a strategy of utilizing the expertise of professional peer reviewers from other accredited states, to examine other states’ credit union regulatory practices.
“Successful completion of the Accreditation process confirms the DIFI Financial Institutions Division staff are effectively implementing financial surveillance controls so consumers can have confidence in our oversight responsibilities of Arizona credit unions,” said DIFI Director Barbara Richardson. “I am proud of this achievement and applaud the division staff for their continuing effort.”
As noted in the Re-accreditation Status Letter to DIFI, the NASCUS Accreditation Program acknowledges credit union regulatory agencies that serve the citizens of their State through operation of an effective, skilled, and professional program with credit union safety and soundness at the forefront of supervision.