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.
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