Circle Banking Partner Has Been Ordered To Work On Unsafe Practices

According to the latest reports coming from the online publication Blockworks, the Cross River Bank has been ordered to improve internal controls and also eliminate unsafe practices. Check out the latest reports about this below.

It’s been just revealed that the Federal Deposit Insurance Corporation has requested Cross River Bank, which is one of the most visible pro-crypto banks, to take corrective action. This is supposed to eliminate unsafe banking practices and also improve the supervision of internal controls and also credit underwriting practices.

According to the new reports, it seems that the agency revealed back on April 28 the fact that Cross River Bank entered into a consent agreement back on March 8. This would show the bank’s acceptance to take rectifying actions.

On the other hand, it’s been also revealed the fact that Cross River is not accepting nor denying the violations that have been cited in a 2021 report of examination.

“The FDIC considered the matter and determined, and the bank neither admits or [sic] denies, that it engaged in the unsafe or unsound banking practices related to its compliance with applicable fair lending laws and regulations,” the order said.

It has been also revealed the fact that the order requests the bank to eliminate or correct unsound banking practices that were identified in the 2021 report. It will also address deficiencies and weaknesses identified in future consumer compliance reports of examination.

It’s been just revealed the fact that the billionaire Ray Dalio warns that other countries are no longer lining up to purchase government debt. This is happening following the witnessing of the crisis in the US banking industry.

In a new interview with YouTuber Chris Williamson, Dalio explained the reasons for which the collapse of Silicon Valley Bank is just a symptom of a much larger problem instigated by the Federal Reserve.