First Fed Bank
A Washington bank ordered in 2023 to fix products offered with a fintech joint venture; the order ended in 2024.
First Fed Bank is a state-chartered bank in Port Angeles, Washington, supervised by the FDIC. Its FDIC consent order FDIC-23-0026b of November 21, 2023 arose “in connection with the Bank’s relationship with Quin Ventures”, a fintech joint venture, and cited unfair and deceptive practices in debt-cancellation products. The order required FDIC non-objection before any new third party or new product. A separate $500,000 penalty order followed in March 2024. The bank reported that the consent order was terminated on October 23, 2024.
- Country
- United States
- Primary federal regulator
- FDIC
- State regulator
- Washington State Department of Financial Institutions
- Charter type
- State-chartered commercial bank, not a Federal Reserve member
- FDIC certificate number
- 28405
- Publicly announced fintech partners
- Quin Ventures (fintech joint venture named in the FDIC order; the bank says the partnership ended in 2022)
- Enforcement actions (regulator records)
Document Regulator Issued Status FDIC-23-0026b consent order FDIC Nov 21, 2023 Terminated Oct 23, 2024 (date from the bank's SEC filing) FDIC-23-0027k civil money penalty, $500,000 FDIC Mar 26, 2024 One-time assessment - Date checked
Questions
Why did the FDIC issue a consent order against First Fed Bank?
Is the First Fed Bank consent order still in force?
What did the order restrict?
See also
- Sponsor-bank enforcement tracker
- Cross River Bank, whose order has the same non-objection clause
- All sponsor banks
Sources
Source: FDIC BankFind, the FDIC, OCC and Federal Reserve enforcement records and state regulators’ orders, plus partner announcements by the banks or fintechs, as linked in each profile. How we build and refresh profiles: methodology.