Corus Bank doesn't get much national press, but I've included Corus Bank's competitive money market rates account and CD rates in my weekly summaries over the last two years. According to this TheStreet.com article, Corus may be in trouble due to large exposure to the Florida condo market.
We're not hearing much about credit unions, but one in Colorado just made the news. The coloradoan.com has just recently reported that Norlarco Credit Union (Colorado's 8th largest credit union) was put into conservatorship in May. The result is that the NCUA will be running the credit union in an attempt to restore its safety and soundness and return it to members. A similar situation occurred in February at Huron River Area Credit Union in Michigan (see post). This other coloradoan.com article notes where some of the problems may have come from: "Norlarco's delinquent real estate loan portfolio jumped from less than $6 million in March to about $56 million in June, mostly because of construction loans made in the souring Lee County, Fla., real estate market."
If you keep your bank and credit union deposits below the FDIC and NCUA limits, you shouldn't have to worry about these issues. For more info on FDIC and NCUA, please see my Facts about FDIC and NCUA post.
Thanks to the readers who have been emailing these news articles.