Golden Finance reported that the Federal Deposit Insurance Corporation (FDIC) issued a consent order to the cryptocurrency-friendly Cross River Bank for "unsafe or unsound banking practices." Cross River Bank is a venture-backed New Jersey regional bank that does business with major cryptocurrency companies such as Coinbase and Circle. The consent order is an informal procedure commonly used by U.S. federal agencies to handle cases. The 34-page consent order mentioned: "The FDIC considered the matter and determined that the bank neither admitted nor denied that it failed to establish and maintain internal controls, information systems, and prudent credit underwriting practices." The document called on the Cross River board of directors to strengthen supervision and guidance of management and take measures to correct any unsafe practices and prevent future violations. The bank was also required to review its information system, identify new credit products and submit a list of third parties that provide these products, among other tasks.