The crypto-friendly bank’s activities during the 2023 banking crisis will also be examined.
The directors of crypto-friendly Customers Bancorp and its subsidiary Customers Bank, headquartered in Malvern, Pennsylvania, will polish their writing skills over the next two months in preparation for an enforcement action the United States Federal Reserve Board executed against them.
Customers Bank did not do well on “recent examinations and inspection” by the Philadelphia Federal Reserve Bank and is already taking measures to address deficiencies the Fed identified in the bank’s management and Anti-Money Laundering (AML) practices, according to the agreement, which was dated Aug. 5 and released on Aug. 8.
The small bank has 23 branches in 11 states and a stable of crypto customers. It offers the distributed ledger-based Customer Bank Instant Transfer (CBIT) service, which it launched in 2021 on the Tassat platform. The CBIT service allows Customer Bank clients to transfer money to one another instantly and round the clock.
