Blue Ridge Bank Exits Consent Order, Focuses on Traditional Banking Strategy

Blue Ridge Bankshares, a $2.5 billion-asset community bank in Virginia, has been released from a 2024 consent order related to its failed fintech partnerships. The bank exited its BaaS program and focused on traditional community banking. The OCC issued the enforcement action after identifying deficiencies in Blue Ridge's anti-money-laundering compliance program. The bank's president and CEO said they threw BaaS out the door and ramped up risk-management controls, improved capital ratios, and provided better oversight of fintech relationships.