{"id":11730,"date":"2023-04-29T11:23:45","date_gmt":"2023-04-29T11:23:45","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11730"},"modified":"2023-04-29T11:23:46","modified_gmt":"2023-04-29T11:23:46","slug":"crypto-linked-cross-river-bank-receives-fdic-order","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11730","title":{"rendered":"Crypto-linked Cross River Bank receives FDIC order"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Cross River Bank has received a consent order from the FDIC demanding further oversight, according to a filing made public on April 28.<\/p>\n<h2>Bank receives order for lending compliance<\/h2>\n<p>The FDIC suggested in that filing that Cross River Bank engaged in &#8220;unsafe or unsound banking practices&#8221; related to fair lending laws and regulations.<\/p>\n<p>The regulator demanded that the company introduce greater oversight and controls and make corrections through a related agreement.<\/p>\n<p>Cross River Bank will neither admit nor deny wrongdoing, the order said.<\/p>\n<p>In a separate report from the Wall Street Journal, a representative from Cross River Bank said that the action was related to a review of the company&#8217;s lending practices from 2021 rather than its cryptocurrency or payments business activities.<\/p>\n<p>The bank was also previously targeted by the FDIC in 2018 when the regulator compelled the company to change certain practices and pay a fine of nearly $642,000.<\/p>\n<h2>Cross River Bank serves crypto clients<\/h2>\n<p>Cross River Bank is known to serve and work with various cryptocurrency companies including crypto exchange Coinbase and USDC issuer Circle.<\/p>\n<p>The company previously described a &#8220;crypto first&#8221; strategy to the tech news site TechCrunch in March 2022. There, a partner firm of Andreessen Horowitz suggested that the firm supports &#8220;many other leading crypto companies.&#8221;<\/p>\n<p>Though the FDIC&#8217;s actions are not related to the bank&#8217;s crypto business, the incident is notable due to the failures of other crypto-friendly banks such as Silvergate Bank and Silicon Valley Bank, both of which collapsed in March.<\/p>\n<p>Those incidents demonstrate that significant controversy could cause Cross River Bank&#8217;s crypto clients to break ties with the bank or lead clients to make higher-than-usual withdrawals &#8212; though there is no indication that this is occurring at present.<\/p>\n<p>The post Crypto-linked Cross River Bank receives FDIC order appeared first on CryptoSlate.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/crypto-linked-cross-river-bank-receives-fdic-order\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cross River Bank has received a consent order from the FDIC demanding further oversight, according to a filing made public on April 28. Bank receives order for lending compliance The FDIC suggested in that filing that Cross River Bank engaged in &#8220;unsafe or unsound banking practices&#8221; related to fair lending laws and regulations. The regulator [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11731,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-11730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11730"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11730\/revisions"}],"predecessor-version":[{"id":11732,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11730\/revisions\/11732"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11731"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}