ALEXANDRIA, Va. (4/1/15)--The National Credit Union Administration Tuesday liquidated North Dade Community Development FCU, Miami Gardens, Fla., after determining the credit union had violated "various provisions of its charter, bylaws and federal regulations."
In announcing the closure, the NCUA noted that North Dade Community Development FCU served 616 members and had assets of $3 million, according to the credit union's most recent call report. It was chartered in 1997 and served a community field of membership that consisted of residents located in northwest Dade County.
The credit union's officials consented to a cease-and-desist order in 2013, one which required 11 changes to operations.
North Dade Community Development is the second federally insured credit union liquidation in 2015.
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 individual 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.