Tremellodendron pallidum

Common Name: None.
Description: Fruit body 3-10 cm high, 5-15 cm wide, coral-like with several or many upright stems arising from a tough mycelial base; branches flattened and fused in parts; whitish to warm buff, frequently green in age from algae living in moist tissue.
Habitat: on humus or on the ground in mixed or deciduous woods. Frequent. Found in eastern North America, south to South Carolina and west to Minnesota, also in New Mexico.
Edible: yes, but not worth the effort.

Source: Mushrooms of North America by Roger Phillips.