These CU's (9000+ insured ) haven't been in the news yet but they will be soon. That's just because they are not public. Think about the major assets of CU's--they are almost like monoline insurers---mortgages, HELOC's and auto paper. I review their financials quarterly and delinquencies are rising across the board. Some of these CU's ONLY write seconds--no first mortgages. Their avergae capital is high--around 10%, but this doesn't speak to liquidity issues. All the above asset classes are currently a huge problem in the securitized market. CU's use an unusual system of corporate credit unions for borrowing and investment and the failure of one of these could be disastrous. It HAS happened before. CU management's are typically less sophisticated than banks.