Clozel’s Take: FDIC Raps Pro-Fintech Bank
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Cited in: Lalita Clozel
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This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/clozels-take-fdic-raps-pro-fintech-bankclozels-take-fdic-raps-pro-fintech-bank-1522665688 Clozel’s Take: FDIC Raps Pro-Fintech Bank The enforcement action against Cross River Bank marks the first federal fine imposed on the institution By Lalita Clozel WSJ Pro Last week’s FDIC enforcement action shows that banks need to handle their fintech partners carefully. Photo: Stephen Voss for The Wall Street Journal The Federal Deposit Insurance Corp. has fined a pioneer of the fintech-bank partnership model more than $600,000 over alleged misdeeds by one of its marketplace-lending affiliates, a stark reminder that regulators are closely watching the burgeoning industry. Cross River Bank, a New Jersey institution that works with more than a dozen marketplace lenders, found itself in the FDIC’s crosshairs after an examination report in 2015 found its partner Freedom Financial Asset Management LLC had misled consumers on the terms of its debt-consolidation services. Copyright © 2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Advertisement Advertisement
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