Crypto-friendly Cross River Bank is facing FDIC scrutiny for some of its practices.
The crypto-friendly Cross River Bank has undergone an approval from the Federal Deposit Insurance Corporation, which the regulator calls “unsafe or unsound banking practices.”
Cross River Bank Faces FDIC Review
The bank did not accept or reject the issues listed in the FDIC order. Federal Deposit Insurance Corporation has sent an approval order to crypto-friendly Cross River Bank regarding “unsafe or unsound banking practices.”
In the text of the approval order sent to the bank from the FDIC, it was written:
“The FDIC has considered the matter and neither admitted nor denied that the bank has engaged in unsafe or unhealthy banking practices in relation to its compliance with applicable fair lending laws and regulations by failing to establish and maintain internal controls and information systems.”
A Cross River Bank spokesperson said the order was the result of a standard review of the bank’s methods of lending processes two years ago.
The spokesperson said:
“We identified areas for improvement prior to review, and review identified others. Since then, we have proactively made significant improvements to our fair lending and other programs, including investment in technology and personnel. Most of the improvements are now complete. The remaining improvements will be completed in the coming months.”
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