FDIC alleges Cross River engaged in 'unsafe' lending practices

The Federal Deposit Insurance coverage Company (FDIC) has requested Cross River Financial institution – recognized for its providers to fintech and crypto corporations like Visa (NYSE:) and Coinbase (NASDAQ:) – to “self-correct” and appropriately handle weaknesses in its lending actions.

On April 28, the FDIC made public a consent order executed with Cross River Financial institution on March 8, which alleged that the financial institution engaged in “unsafe” or “unsound” banking practices in regard to its compliance with relevant truthful lending legal guidelines and laws in 2021.

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