Banks in Synapse mess make progress toward releasing deposits of stranded fintech customers [MSNBC.com]
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Source: MSNBC.com
There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months.Banks involved in themessSynapseStaff ofEvolve Bank & TrustThe development comes as regulators, including the Federal Reserve and the Federal Deposit Insurance Corp., pressure the banks involved to release funds after media and lawmakers have heightened awareness of the debacle.Beginning in May, more than 100,000 customers of fintech apps likeYotta“We’re strongly encouraging Evolve to do whatever it can to help make money available to those depositors,” Federal Reserve ChairJerome PowellThe sudden optimism of key players involved in the negotiations, including Evolve founder and ChairmanScot LenoirJelena McWilliamsThe episode revealed how small banks involved in the “banking-as-a-service” sector didn’t properly manage unregulated partners like Synapse, founded in 2014 by a first-time entrepreneur namedSankaet PathakMissing customer fundsEvolve Bank initi
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