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From the June-10, 2009 issue of Credit Union Times Magazine • Subscribe!
Nev. Problems Will Continue
Nevada credit unions are faring OK amid the state's deep recession, but problems in consumer loan portfolios lie ahead for banks and CUs, according to the state's top supervisor, George Burns.
"We're still trying to manage the avalanche, but the snow is still moving, and so the crisis is by no means over," said Burns, who characterized Nevada as "ground zero" in the nation's economic malaise.
It is a good thing that lawmakers and the two industries recognized the need to beef up regulation early on with his department allowed to add 10 new examiners for a maximum of 40, said Burns, commissioner of the state's Financial Institutions Division.
"These are challenging times, but we've managed to keep things under control for the time being and I'm happy to say our five bank failures are still behind Georgia's," said Burns.
The additional hiring of examiners was accomplished within the last two months, he said.
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