News Explorer — Cross River Bank Ordered to Improve Internal Controls, Eliminate Unsafe Practices

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May 1, 8:38 am

Blockworks

Cross River Bank Ordered to Improve Internal Controls, Eliminate Unsafe Practices

The Federal Deposit Insurance Corporation requested Cross River Bank, a pro-crypto bank, to take corrective action to eliminate unsafe banking practices and improve its supervision of internal controls and credit underwriting practices. The bank must hire an independent third party to conduct a Fair Lending Resources study and submit a written summary to the Regional Director for review.

The Federal Deposit Insurance Corporation requested Cross River Bank, a pro-crypto bank, to take corrective action to eliminate unsafe banking practices and improve its supervision of internal controls and credit underwriting practices. The bank must hire an independent third party to conduct a Fair Lending Resources study and submit a written summary to the Regional Director for review.

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