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The financial malaise hitting Nevada credit unions and banks “is by no means over” and it is a good thing the state recognized regulatory needs early on, the state’s top supervisor, George Burns, said Thursday.

“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 in commenting on what he said are deteriorating conditions in the consumer sector impacting lending portfolios of both CUs and banks.

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