NCUA Shutters North Dade CDFCU For Alleged 'Violations'

MIAMI GARDENS, Fla. — NCUA on Tuesday liquidated tiny North Dade Community Development Federal Credit Union.

NCUA said it made the decision to liquidate the credit union and discontinue its operations after determining the CU had "violated various provisions of its charter, bylaws and federal regulations."

North Dade CDFCU is the second federally insured credit union liquidation in 2015. NCUA shuttered American Bakery Workers FCU in Philadelphia in late January.

North Dade CDFCU served 616 members and had assets of $3 million, according to its most recent Call Report. Chartered in 1997, the CU served a community field of membership that consisted of residents in Northwest Dade County, Florida.

NCUA said its Asset Management and Assistance Center will issue correspondence "in the near future" to individuals holding verified share accounts in the credit union.