(C) "In 2018 the FDIC found that Cross River Bank “engaged in unsafe or unsound banking practices by failing to ensure an adequate compliance management system

(C) "In 2018 the FDIC found that Cross River Bank “engaged in unsafe or unsound banking practices by failing to ensure an adequate compliance management system was in place….” The FDIC fined the bank $641,750 and made it contribute to a $20 million restitution fund to reimburse harmed consumers." [0] "Cross River Bank originates C+ Loans, an unsecured debt consolidation loan product, through FFAM. C+ Loans are offered exclusively to consumers who contract with Freedom Debt Relief (FDR), a FFAM-affiliated debt settlement company. C+ Loans were marketed as a way for consumers to quickly resolve their outstanding debts. Consumers are charged a settlement fee of up to 25 percent of each debt enrolled in FDR's program. The FDIC determined that Cross River Bank and FFAM violated federal law prohibiting unfair and deceptive practices, by, among other things: - Requiring borrowers to sign loan documents without knowing the essential terms and conditions of the loan; - Failing to inform borrowers that certain major creditors will not negotiate debts with FDR and including related debt settlement fees into C+ Loans, when in fact, borrowers had to negotiate such debts themselves; - Misrepresenting to consumers that the C+ Loans would result in the settlement of all their debts within 30 to 45 days or 30 to 90 days, which was not true for nearly half of the consumers; and - Misrepresenting that the consumers' creditworthiness would improve by obtaining a C+ Loan."[1] [0][1] https://www.fdic.gov/news/news/press/2018/pr18021.html https://www.fdic.gov/news/news/press/2018/pr18021.html