Cross River Bank Gets FDIC Enforcement Order Over Lending
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Cross River Bank, a partner of financial technology companies and crypto firms, received a cease-and-desist order from the Federal Deposit Insurance Corp. over what the agency said were “unsafe or unsound” practices related to fair-lending laws.
The bank failed to establish and maintain “internal controls, information systems, and prudent credit underwriting practices,” the FDIC said Friday. Cross River reached a consent agreement with the agency, dated March 8, without admitting or denying any charges or violations.