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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.


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