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FORT COLLINS, Colo. — Norlarco Credit Union was placed into conservatorship last July by the NCUA and owing to law in the state of Colorado it was kept quiet to ostensibly avoid a run-on-the-bank by worried members.

Chris Myklebust, state commissioner of financial services, had not returned repeated calls from Credit Union Times for several days, his office saying he was unavailable. Myklebust did speak with The Coloradoan, a local Fort Collins newspaper, however, saying that credit unions nationally are dealing with the subprime markets, but on a larger scale, “a lot of credit unions have done a good job of staying out of that market.”

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