April 12, 2011

Missouri Division of Credit Unions reaccredited by national regulators group

State agency has been accredited since 1990

Jefferson City, Mo. â€‘ The Missouri Division of Credit Unions announced today it has been reaccredited by a national association of state regulators. The National Association of State Credit Union Supervisors informed the division in a letter dated April 12 that its accreditation has been renewed.

The division regulates the financial condition of credit unions in Missouri to ensure that deposits are safe and consumers are protected.  The division has been accredited by the national association since 1990. It was the third state credit union regulator to receive accreditation and one of 27 now accredited nationwide.

"I'm proud that our agency has been a leader in national accreditation," said Ken Bonnot, director of the Division of Credit Unions. "It's a tribute to the professional state regulators on our team and their commitment to protecting Missouri consumers."

A team from the national association performed an on-site review of the agency in Jefferson City. The accreditation process, which began in 1989, looks at six areas of division operations, including administration, examination and training. Accreditation must be renewed every five years. Agencies must also submit annual evaluation reports to prove capability and performance consistent with national standards.

Like banks, credit unions choose whether to be regulated on the state or federal level. Missouri ranks eighth in the nation in the number of state-chartered credit unions with 127.

About 1.2 million people are members of credit unions in Missouri. Deposits are insured by the National Credit Union Share Insurance Fund (NCUSIF) up to $250,000, just as bank deposits are insured by the FDIC to the same limit.

A searchable listing of state-chartered credit unions is available at the division's website. Consumers can file complaints or ask general questions about credit unions online or by calling 573-751-3419.