Mastering Regulatory Challenges: The Crucial Role of IT Governance in Community Banks Operations

In September 2022, Cross River Bank entered into a consent order with the FDIC due to concerns about unsafe and unsound fair lending compliance practices. The order required three immediate changes: Strengthening of lending and third-party compliance controls, compliance with credit product and third-party disclosure processes, including seeking FDIC approval for new credit products or partnerships, and preparation of assessments and reports by independent third parties to evaluate fair lending compliance among third parties offering Cross River Bank’s credit products. This suggests heightened FDIC scrutiny of bank-fintech partnerships.

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Hartman Executive Advisors

Mastering Regulatory Challenges: The Crucial Role of IT Governance in Community Banks Operations

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