What One Tiny Credit Union’s Huge BSA Fine Means to Other Small FIs
$3.6 million North Dade Community Development Federal Credit Union in Miami, FL, has been fined $300,000 for violations that federal regulators claim may have placed the entire U.S. financial system at risk. To put that number in perspective, that would be like a fine of about $130 billion for Wells Fargo. The fine came with a warning from federal officials that risky money services business customers are flocking to smaller financial institutions because big banks have increased scrutiny. [12/1/14]
