Crypto-friendly Cross River Bank faces FDIC scrutiny over 'unsafe' practices 

Quick Take

  • The crypto-friendly Cross River Bank was hit with a consent order from the Federal Deposit Insurance Corporation over what the regulator called “unsafe or unsound banking practices.”
  • The bank did not admit or deny the issues listed in the FDIC order.

The Federal Deposit Insurance Corporation issued a consent order to crypto-friendly Cross River Bank regarding “unsafe or unsound banking practices.”

Cross River Bank is a venture-backed New Jersey regional bank that does business with major crypto firms like Coinbase and Circle.

“The FDIC considered the matter and determined, and the bank neither admits or denies, that it engaged in the unsafe or unsound banking practices related to its compliance with applicable fair lending laws and regulations by failing to establish and maintain internal controls, information systems, and prudent credit underwriting practices,” the 34-page consent order said.

The FD