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North Dade Community Development Federal Credit Union Closes

Member Deposits Protected up to $250,000 by Share Insurance Fund

ALEXANDRIA, VA (March 31, 2015) -- The National Credit Union Administration today liquidated North Dade Community Development Federal Credit Union of Miami Gardens, Florida.Member deposits are federally insured by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States.

NCUA’s Asset Management and Assistance Center will issue correspondence in the near future to individuals holding verified share accounts in the credit union. Members with additional questions about their insurance coverage may contact the Center toll-free at 877-715-0777 Monday through Friday between 9 a.m. and 6 p.m., Eastern. Individuals may also visit the MyCreditUnion.gov website at any time for more information about insurance coverage.

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.

North Dade Community Development Federal Credit Union served 616 members and had assets of $3 million, according to the credit union’s most recent Call Report. Chartered in 1997, North Dade Community Development Federal Credit Union served a community field of membership that consisted of residents located in Northwest Dade County, Florida.

North Dade Community Development Federal Credit Union is the second federally insured credit union liquidation in 2015.

NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 99 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues.

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