On April 28, the FDIC made public a consent order executed with Cross River Bank on March 8, alleging that the bank engaged in “unsafe” or “unsound” banking practices related to its compliance with applicable fair lending laws and regulations in 2021.

The order states that the bank must immediately take action to “increase” its focus on the bank’s “system of internal controls, information systems, credit underwriting practises, and internal audit systems related to the consumer protection laws and regulations.”

Furthermore, the bank is required to monitor its compliance with fair lending laws and promptly “self-correct” any violations.