Press
NCUA Issues Cease and Desist Order
Member Deposits at North Dade Community Development Federal Credit Union Remain Insured Up to $250,000
ALEXANDRIA, VA (September 9, 2013) — The National Credit Union Administration has issued a cease and desist order to North Dade Community Development Federal Credit Union of Miami Gardens, Fla.
Member deposits remain insured up to $250,000 by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund has the backing of the full faith and credit of the U.S. Government.
North Dade officials have consented to the order, which requires the following actions:
- Cease and desist transacting all business activity for money services businesses not located within the credit union’s geographic field of membership.
- Suspend transacting business activity for all remaining member money services businesses until an adequate Bank Secrecy Act/Anti-Money Laundering/Office of Foreign Assets Control program is developed and implemented.
- Verify that all members are within the credit union’s field of membership.
- Identify all bank secrecy/anti-money laundering/foreign assets control compliance deficiencies.
- Designate a Bank Secrecy Act compliance officer.
- Complete a comprehensive bank secrecy/anti-money laundering/foreign assets control risk assessment.
- Revise and document board approval for all policies relating to bank secrecy, anti-money laundering, and foreign assets control.
- Ensure staff and officials are adequately trained on all bank secrecy, anti-money laundering, and foreign assets control applicable laws and regulations.
- Develop a system of internal controls to ensure ongoing compliance with all applicable bank secrecy, anti-money laundering, and foreign assets control laws and regulations.
- Conduct bank secrecy, anti-money laundering, and foreign assets control compliance program testing.
- Ensure bank secrecy, anti-money laundering, and foreign assets control testing is complete and results are reported to the board of directors.
Chartered in 1997, North Dade Community Development Federal Credit Union has assets of $5.8 million and serves 780 members, according to the credit union’s most recent Call Report.
A copy of the final order is posted on the NCUA website here. NCUA enforcement orders can be inspected Monday through Friday at NCUA’s Office of General Counsel from 9 a.m. to 4 p.m. Eastern. Copies may also be ordered by mail from NCUA at 1775 Duke Street, Alexandria, VA 22314-3428.
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 U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 95 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
–NCUA–