Nevada regulator: Credit unions need to improve

LAS VEGAS (AP) - Nevada's credit union regulator says he's notified a number of Nevada credit unions to improve their financial condition.

Financial Institutions Division Commissioner George Burns said Wednesday that his office sent an unspecified number of letters of understanding and cease-and-desist orders to state-chartered credit unions.

Burns wouldn't identify the credit unions that got notices.

He says credit union loans to businesses are a problem, but he is concerned most about car loans that have gone bad.

Credit unions are owned by their members. Burns says they can improve their balance sheets by reducing the number of new loans they make, boosting deposits and decreasing overhead expenses.


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