Blue Ridge Bank
US · Richmond, Virginia · OCC (national bank)
Blue Ridge Bank is a Bank based in US (Richmond, Virginia), regulated by OCC (national bank). The institution's BaaS program is currently wind-down, launched in 2020.
Blue Ridge Bank supports the following products and services: Formerly: Payments, Cards, Lending, Accounts. The bank serves customers across US.
Notable fintech partners include None (all partnerships terminated).
- Products Supported
- Formerly: PaymentsCardsLendingAccounts
- Geographies Served
- US
- Charter / Regulator
- OCC (national bank)
- API Standards
- REST API
- Minimum Deal Size
- Not publicly disclosed
- Year Program Launched
- 2020
None (all partnerships terminated)
OCC consent order (Jan 2024) — BSA/AML program deficiencies and third-party risk management failures; consent order TERMINATED Nov 2025 after full BaaS exit
WARNING: Fully exited BaaS at end of 2024. Had ~70 fintech partnerships at peak.
' Consent order terminated Nov 2025. Now a traditional community bank.
Blue Ridge Bank received a second OCC consent order in 2024 related to ongoing monitoring deficiencies in its fintech partnerships. The bank had already shed over a dozen fintech partners in response to regulatory pressure.
Blue Ridge Bancorp operated under a 2022 OCC formal agreement requiring improvements to BSA/AML compliance and third-party risk management. The order required OCC non-objection before onboarding new fintech partners or offering new products through existing third-party relationships.
The OCC issued a consent order against Blue Ridge Bank for unsafe practices in its BaaS program involving approximately 50 fintech partners. The order required improvements in third-party fintech oversight, AML/SAR compliance, and IT controls, and remained active into late 2023.
OCC Issues Cease and Desist Order Against Blue Ridge Bank
The OCC issued a Cease and Desist Order against Blue Ridge Bank, N.A. for BSA/AML violations, capital deficiencies, and unsafe practices related to its fintech partnerships. The order superseded a prior agreement and classified the bank as in 'troubled condition,' restricting it from onboarding new fintech partners without OCC approval. This is a significant escalation in regulatory scrutiny of BaaS sponsor banks.
Regulatory Scrutiny Intensifies on BaaS Banks Blue Ridge and Cross River
Regulatory consent orders against BaaS-active banks Blue Ridge Bank and Cross River Bank highlighted intensifying compliance scrutiny on bank-fintech partnerships. The actions signaled regulators' growing concern about risk management in the BaaS model. This marked a pivotal moment for the embedded finance industry's compliance practices.
OCC Intensifies Scrutiny of BaaS Banks Including Blue Ridge Bank
The OCC took enforcement action against Blue Ridge Bank (a Unit partner) for inadequate oversight of its fintech partnerships, signaling heightened regulatory focus on BaaS arrangements. The action highlighted risks when banks rely on middleware platforms to manage fintech relationships. This marked a significant escalation in regulatory pressure on the BaaS model, affecting platforms like Synctera, Unit, Treasury Prime, and others.
Blue Ridge Bank Reports $329M in Fintech Partnership Deposits in Q1 2022
Blue Ridge Bankshares reported Q1 2022 results showing $329 million in deposits sourced through fintech partnerships with companies like Unit, Increase, and Upgrade. The results underscore the bank's growing role as a major BaaS sponsor bank. This milestone highlights the rapid scaling of the sponsor bank model in the US embedded finance market.