Regulator Disclosure Reviewed

Published September 03, 2007, 1:00 a.m. EDT

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Updated August 27, 2020, 1:41 a.m. EDT

1 Min Read

DENVER - Colorado's state lawmakers plan to review a law the prohibits state regulators from disclosing the financial situation of credit unions placed in conservatorship after such a move against Norlarco Credit Union resulted in protests and concerns.

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The $334-million Norlarco was put into conservatorship by the state regulator, but it wasn't until NCUA took control of the credit union that its financial condition was released. NCUA then reported that Norlarco‚s delinquent real estate portfolio had skyrocketed to $56 million from $6 million as the result of loans made in Florida.

The Fort Collins Coloradoan quoted Colorado Speaker of the House Andrew Romanoff as saying the time has come to review the statute in order to keep consumer protection as the top priority of the legislature. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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