The Federal Deposit Insurance Corporation (FDIC) reportedly has begun more closely tracking FinTechs that partner with banks, aiming to spot potential problems before they affect the banks. This tracking system complements the agency’s existing oversight of banks and gives FDIC examiners a way to oversee...
The eventual resolution of the key question in the wake of the Synapse bankruptcy — namely, where the money went — will take time. And those seeking answers are turning yet again to the courts. To that end, the class action suit against Synapse’s four...
Evolve Bank & Trust said Wednesday (Nov. 27) that the “vast majority” of end user funds related to the Synapse Financial Technologies bankruptcy that were once held by Evolve were moved by Synapse to other banks about a year ago, before the bankruptcy. The bank...
A reevaluation of risk management and regulatory oversight is transforming the bank-FinTech partnership model. At the center of this shift is the April collapse of Synapse, a banking-as-a-service (BaaS) provider, and its subsequent ongoing fallout which has expanded to include four banks, including American Bank, AMG...
December 02, 2024
The eventual resolution of the key question in the wake of the Synapse bankruptcy — namely, where the money went — will take time. And those seeking answers are turning yet again to the courts. To that end, the class action suit against Synapse’s four partner banks — a quartet that includes Evolve Bank & […]
November 26, 2024
A reevaluation of risk management and regulatory oversight is transforming the bank-FinTech partnership model. At the center of this shift is the April collapse of Synapse, a banking-as-a-service (BaaS) provider,...
September 18, 2024
The continued fallout from the collapse of Synapse Financial Technologies has heightened the discussion — and regulatory examination — of how end-user and various types of accounts are handled as...
June 24, 2024
It’s one step up and two steps back in the case of Synapse Financial’s bankruptcy, with the court-appointed trustee reporting progress Friday (June 21) in recovering and distributing customer funds....
December 19, 2024
The Federal Reserve Board has announced an enforcement action against Franklin, Tennessee-based Lineage Financial Network, the bank holding company of Lineage Bank. The Fed said in a Thursday (Dec. 19) press release that the Federal Deposit Insurance Corporation (FDIC) separately issued an enforcement action with Lineage Bank in January and that the Fed’s enforcement action is independent of the […]
December 05, 2024
The Federal Deposit Insurance Corporation (FDIC) reportedly has begun more closely tracking FinTechs that partner with banks, aiming to spot potential problems before they affect the banks. This tracking system...
November 27, 2024
Evolve Bank & Trust said Wednesday (Nov. 27) that the “vast majority” of end user funds related to the Synapse Financial Technologies bankruptcy that were once held by Evolve were...
November 18, 2024
The Federal Deposit Insurance Corp. (FDIC) has extended the public comment period for its proposed rule on recordkeeping for banks’ custodial accounts. Previously scheduled to end Dec. 2, the comment...
