ARLINGTON, Va.—The Public Corporation for the Supervision and Insurance of Cooperatives of Puerto Rico (COSSEC) has successfully earned National Association of State Credit Union Supervisors accreditation, NASCUS reported.
This marks the first time NASCUS has awarded accreditation to COSSEC (Corporación Pública Para la Supervisión Y Seguro De Cooperativas de Puerto Rico). The recognition represents a historic milestone for both COSSEC and the broader cooperative movement, NASCUS said.
“The NASCUS accreditation affirms the dedicated efforts we have undertaken at COSSEC to modernize our supervisory processes, enhance regulatory oversight, and protect the assets of over one million cooperative members throughout Puerto Rico,” said said Mabel Jiménez Miranda, executive president of COSSEC. “This is not only an unprecedented institutional milestone—it is a collective achievement for the Island’s entire cooperative movement. I extend my deepest appreciation to the COSSEC team whose professionalism, commitment, and hard work made this recognition possible.”
This accomplishment follows a rigorous series of in-depth reviews and evaluations conducted by the NASCUS Performance Standards Committee (PSC), a panel of experienced regulators from accredited state agencies. The NASCUS Accreditation process involves a comprehensive assessment and continuous monitoring to ensure the highest standards of regulatory excellence are met and maintained.
“This peer-reviewed program underscores the exceptional work of credit union regulators in administering effective regulatory and supervisory programs,” said Brian Knight, president and CEO of NASCUS. “Achieving NASCUS Accreditation reflects an agency’s commitment to the highest standards of regulatory excellence. It not only enhances the agency’s capabilities but also strengthens the broader state credit union system.”
To obtain Accreditation, a credit union state supervisory agency must demonstrate compliance with the accreditation standards in areas such as agency administration and finance, personnel and training, examination, supervision, and legislative powers.
NASCUS began developing the Accreditation program in 1989 to administer and ensure states’ credit union examination and supervision quality standards. This program, modeled on the university accreditation concept, applies national performance standards to a state’s credit union regulatory program, NASCUS explained.
To learn more about the NASCUS Accreditation program, visit: https://www.nascus.org/state-activities/accreditation/