CARSON CITY, Nev. – Faced with growing losses among its credit unions and banks, the state’s Financial Institutions Division said Friday it plans to increase its examiners by 40%, or 10 examiners, and examine each state chartered financial institution at least once every 12 months, and as often as every six months for troubled institutions.
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That’s up from once every 18 months now.
The state regulator currently has 24 examiners.
The new program is estimated to cost about $600,000.
The move comes as NCUA is adding 55 new examiners and also starting to examine credit unions more frequently, in order to help head off potential problems.
