Discover and read the best of Twitter Threads about #CrossRiverBank
Most recents (5)
🚨Ω🚨
#CrossRiverBank has been Coinbase's customer facing bank for years and surprise surprise¹ it's been facilitating all kinds of fraud for years. coincidence? $COIN
¹ not a suprise at all if you've been following my extensive threads on the subject
#CrossRiverBank has been Coinbase's customer facing bank for years and surprise surprise¹ it's been facilitating all kinds of fraud for years. coincidence? $COIN
¹ not a suprise at all if you've been following my extensive threads on the subject
🧵2/Ω
I made a bunch of Cross River Bank threads so here's some of them... but let's just start with the money shot. This bank took investment from corrupt Malaysian govt officials both before and after #a16z invested in it.
I made a bunch of Cross River Bank threads so here's some of them... but let's just start with the money shot. This bank took investment from corrupt Malaysian govt officials both before and after #a16z invested in it.
🧵3/Ω
🧵1/Ω
Amended $MCB 🧵: $MCB's auditor Crowe LLP raised a "critical audit matter" relating to the "qualitative" & "subjective" nature of $MCB's measurements of how many loans would go bad. (@RasooliSheida made a mistake w/r/t whether it was on the $MCB site but it's still bad.
Amended $MCB 🧵: $MCB's auditor Crowe LLP raised a "critical audit matter" relating to the "qualitative" & "subjective" nature of $MCB's measurements of how many loans would go bad. (@RasooliSheida made a mistake w/r/t whether it was on the $MCB site but it's still bad.
🧵2/Ω
$MCB took a huge $35 million charge that wiped out their profits for 2022-Q4 in anticipation of getting fined civilly and possibly criminally for #PPP loan fraud of some kind.
$MCB took a huge $35 million charge that wiped out their profits for 2022-Q4 in anticipation of getting fined civilly and possibly criminally for #PPP loan fraud of some kind.
🧵3/Ω
They did that because... they're under investigation. At the very least they are gonna get hit with major civil violations, but I have a hunch it will escalate to criminal bc of the #CryptoCom/#Binance connection... $MCB
They did that because... they're under investigation. At the very least they are gonna get hit with major civil violations, but I have a hunch it will escalate to criminal bc of the #CryptoCom/#Binance connection... $MCB
🚨Ω🚨
@Coinbase's bank is being sued for predatory lending in a large class action lawsuit filed ~8 weeks ago.
It gets worse though... Because @CrossRiverBank is also starting to have to sue people for loans that are going bad. Financials only allow 1.6% loss. $COIN
ruh roh
@Coinbase's bank is being sued for predatory lending in a large class action lawsuit filed ~8 weeks ago.
It gets worse though... Because @CrossRiverBank is also starting to have to sue people for loans that are going bad. Financials only allow 1.6% loss. $COIN
ruh roh
@coinbase @crossriverbank 🧵2/Ω Kinda f'ed up other thread so I'm gonna copy these over here. tl;dr #seemsbad for @CrossRiverBank and $COIN.
Specific allegations about how @CrossRiverBank (@Coinbase's bank! $COIN) broke the law and allegedly defrauded a bunch of people w/predatory "debt relief" lending along with #NewCreditAmerica
Here's @CrossRiverBank's details over at #FDIC. Various addresses, FDIC ID numbers, charter info, etc. in case anyone's looking to dig around.
Note that for their first 5 years they were rated "Needs to improve" as a bank.
#lolbank
banks.data.fdic.gov/bankfind-suite…
Note that for their first 5 years they were rated "Needs to improve" as a bank.
#lolbank
banks.data.fdic.gov/bankfind-suite…
@crossriverbank 🧵 Who else didn't know that @CrossRiverBank changed its name from #FirstFinancialBank in 2008?
state.nj.us/dobi/bnk_depos…
state.nj.us/dobi/bnk_depos…
🧵 @CrossRiverBank is technically owned by #CRBGroup (seems like it's not the same as @CRBgrp?), a holding company in Fort Lee, NJ. Apparently #JoannaAlbertine is the CFO.
Here's their annual filings in NJ: ffiec.gov/npw/Institutio…
Here's their annual filings in NJ: ffiec.gov/npw/Institutio…
🧵1/Ω A few things about @crossriverbank, a tiny #a16z funded lender that originated more #PPP loans for "small businesses" than anyone besides Chase, BofA, and Wells Fargo, mostly for people who were not their customers.
Also @coinbase's preferred bank.
techcrunch.com/2022/03/30/cro…
Also @coinbase's preferred bank.
techcrunch.com/2022/03/30/cro…
🧵2/Ω They paid @McKinsey a bunch of money to tell the world that "while most banks originated PPP loans to their own customers, Cross River leads in originations to new customers"
mckinsey.com/industries/fin…
mckinsey.com/industries/fin…
🧵3/Ω Unlike other banks that blew up on "fund banking" recently (*cough* $SBNY $SIVB *cough*) @crossriverbank does their "fund banking" differently:
They package all the loans and sell them to weird "fintech" companies like @Upstart. @mikulaja
They package all the loans and sell them to weird "fintech" companies like @Upstart. @mikulaja
