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🍴 About to dig in to the congressional report on covid relief / #PPP loan scams. @CrossRiverBank's name comes up 16 times when I ctrl-f.

Reminder this is the most important crypto bank in America. It's @Coinbase and @Circle's bank, among others.
permanent.fdlp.gov/gpo189524/2022…
@crossriverbank @coinbase @circle 🧵2/Ω
@CrossRiverBank et al. "specialized in dubious loans" and "did not get better over time" as "lenders often doubled or tripled their potential misreporting rates in round 3 compared to rounds 1 and 2."

Sounds like (extremely) willful negligence. @oooitscrime
🧵3/Ω
@CrossRiverBank's executives anticipated that people would try to commit #PPP / covid relief fraud early in 2020 (w/in months of American pandemic's start), and yet as noted above 👆 they issued increasing percentages of fraudulent loans (and pocketed increasing fees).
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