The South Carolina Board of Financial Institutions announced that its Office of the Commissioner of Banking recently received accreditation from the National Association of State Credit Union Supervisors (NASCUS).
NASCUS President and Chief Executive Officer Brian Knight and Senior Vice President John Kolhoff presented the Certificate of Accreditation to State Commissioner of Banking Kathy Bickham at the board’s February meeting held in Columbia.
Kolhoff noted that the Banking Division deserved significant accolades in its very first review, specifically recognizing the office “for the strength of the agency’s strategic planning, processes, and effectiveness of the surveillance systems used to monitor the credit union industry.”
The accreditation process, which began in 2023, is the culmination of an effort by the Office of the Commissioner of Banking to ensure the agency’s policies, procedures, examination capabilities and operations meet the national best practices standards for credit unions as established by NASCUS. The agency received similar credentials from the Conference of State Bank Supervisors (CSBS) in 2018.
“This is a great honor to achieve accreditation from the National Association of State Credit Union Supervisors,” said Bickham.
“This significant accomplishment is the result of our team’s continued planning and hard work to ensure that we keep pace with the financial industry and institutions we supervise in South Carolina.”
The goal of the NASCUS Accreditation Program is to administer and ensure states’ credit union examination and supervision quality standards. The program, modeled on the university accreditation concept, applies national performance standards to a state’s credit union regulatory program. South Carolina regulates eight state-chartered credit unions.