Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
North Dade CDFCU Subject Of NCUA C-and-D Order
ALEXANDRIA, Va. (9/10/13)--The National Credit Union Administration has issued a cease and desist order to North Dade Community Development FCU, Miami Gardens, Fla., requiring 11 changes to operations. 

The agency said 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 (BSA)/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 BSA 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; and
  • Ensure bank secrecy, anti-money laundering, and foreign assets control testing is complete and results are reported to the board of directors. 
North Dade Community Development FCU was chartered in 1997, has assets of $5.8 million, and serves 780 members, according to the credit union's most recent Call Report.


RSS





print
News Now LiveWire
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
35 minutes ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
40 minutes ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
2 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
2 hours ago
.@Cornerstone_CUL in 2014: $9K in savings per member #NewsNow #CUSystem http://t.co/7LnsV876cs
4 hours ago