The U.S. Federal Deposit Insurance Corporation (FDIC) issued a consent order to crypto-friendly bank Cross River Bank for "unsafe or unsound banking practices." Cross River Bank is a venture-backed New Jersey-area bank that does business with major crypto companies like Coinbase and Circle. Consent orders are an informal procedure commonly used by U.S. federal agencies to handle cases. Cross River Bank engaged in unsafe or unsound banking practices by failing to establish and maintain internal controls, information systems, and prudent credit underwriting operations, the FDIC said in its consent order, which called on the Cross River board of directors to strengthen its oversight of management Monitor and direct, and take action to correct any unsafe practices and prevent future breaches. The bank did not acknowledge or deny the issues outlined in the FDIC consent order. A spokesman for Cross River Bank said: "The consent order is the result of a standards review of various aspects of the bank's lending process two years ago. We identified areas for improvement prior to the review. Since then, we have actively Significant improvements have been made to Fair Lending and other programs, including investments in technology and people. Many of these improvements have already been completed or will be completed in the coming months.”