NCUA Liquidates Florida Credit Union
The NCUA has liquidated its second federally insured credit union of the year.
The agency said it decided to cease operations of the $3 million North Dade Community Development Federal Credit Union in Miami Gardens, Fla. after concluding it had violated various provisions of its charter, bylaws and federal regulations.
As CU Times previously reported, the credit union, chartered in 1997, was fined $300,000 last year for Bank Secrecy Act violations and failing to comply with the Patriot Act. According to the Financial Crimes Enforcement Network, the total transaction volume processed by money services businesses through North Dade in 2013 included $54.8 million in cash orders, $1.01 billion in outgoing wires, $5.3 million in returned checks and $984.4 million in remote deposit capture.
As of Dec. 31, 2014, the credit union reported 8.12% net worth, down from 21.01% in December 2013. Delinquent loans decreased from 6.79% in December 2013 to 0.56% the following year.
The institution’s return on average assets was negative 18.15% as of December 2014, significantly lower than its peer average of 0.05%. The return on average assets during the same month in 2013 was much higher for the credit union at 7.83%.
The credit union served 616 members who resided in Northwest Dade County. Beverly Coffey was listed as the manager/CEO on the credit union’s most recent call report.