Cross River Bank Gets FDIC Enforcement Order Over Lending (1)

Cross River Bank, a partner of financial technology companies and crypto firms, received a cease-and-desist order from the Federal Deposit Insurance Corp. over what the agency said were “unsafe or unsound” practices related to fair-lending laws.

The bank failed to establish and maintain “internal controls, information systems, and prudent credit underwriting practices,” the FDIC said Friday. Cross River reached a consent agreement with the agency, dated March 8, without admitting or denying any charges or violations.

Cross River expects the order will have no “meaningful impact” on growth, a spokesperson said in an emailed statement. “Many of the enhancements” required ...