Bank (Credit Union) Failure Friday

Now it's the credit unions time to fail. This is huge. These credit unions have a combined $57 billion in assets. The economy is in a tailspin, yikes.-Lou

Regulators seize two large corporate credit unions

SAN FRANCISCO (MarketWatch) -- The National Credit Union Administration Board said Friday it has placed two large corporate credit unions into conservatorship "to stabilize the corporate credit union system and resolve balance sheet issues."

The NCUA said Lenexa, Kan.-based U.S. Central Federal Credit Union and San Dimas, Calif.-based Western Corporate were placed into conservatorship "to protect retail credit union deposits and the interest of the National Credit Union Share Insurance Fund."

U.S. Central has roughly $34 billion in assets and WesCorp has $23 billion in assets, the NCUA said. Corporate credit unions are chartered to act as a sort of clearinghouse .