Wednesday, April 1, 2015

North Dade Community Development FCU Closed

The National Credit Union Administration (NCUA) on March 31 liquidated North Dade Community Development Federal Credit Union (North Dade) of Miami Gardens, Florida.

NCUA made the decision to liquidate North Dade Community Development Federal Credit Union and discontinue operations after determining the credit union had violated various provisions of its charter, bylaws and federal regulations.

In November 2014, North Dade was fined $300,000 by the Financial Crimes Enforcement Network for violation of the Bank Secrecy Act (BSA).

North Dade reported a loss of $672,414 for 2014.

This is the second credit union to be liquidated in 2015.

Read the press release.
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3 comments:

  1. AnonymousApril 1, 2015 at 10:07 AM

    Why were they fined?

    ReplyDelete
  2. AnonymousApril 2, 2015 at 11:24 AM

    How is that relevant?

    ReplyDelete
    Replies
    1. AnonymousApril 2, 2015 at 3:22 PM

      You should have read the story before you asked such a dumb question.

      Delete

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