Nevada's top credit union regulator, George Burns, taking note of the state's grim economic picture, disclosed that his office has issued "letters of understanding and informal cease and desist orders" to unidentified credit unions to bring them into balance sheet compliance.

Declining to name the number or location of any of the troubled CUs, Burns reiterated the negative view shared by many in and outside of Nevada of poor conditions impacting CUs as the state undergoes a continued high rate of foreclosures, falling home prices and 13% unemployment.

Burns, who is commissioner of the Nevada Department of Financial Institutions overseeing both banks and CUs, said one hard hit area remains indirect auto loans, witnessing what he said are overextensions and "a 50-75% decline in CUDL business over the last four to six months by some credit unions." That was a reference to Credit Union Direct Lending Corp., of California the CU-owned point-of-sale network.