FDIC alleges Cross River engaged in ‘unsafe’ lending practices
1 min read
The Federal Deposit Insurance Corporation (FDIC) has requested Cross River Bank – known for its services to fintech and crypto firms like Visa and Coinbase – to “self-correct” and appropriately address weaknesses in its lending activities.
On April 28, the FDIC made public a consent
The order was executed with the bank only days before Circle, the stablecoin issuer behind USD Coin (USDC), partnered with Cross River for banking services on March 13.
Circle had sought the new partnership, after the collapse of it’s previous provider, Silicon Valley Bank.
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