Banks connected to the collapse of Synapse are reportedly close to recovering customers’ frozen funds. These banks have made progress in putting together account information for those customers, which could mean their funds being released within weeks, CNBC reported Thursday (July 11), citing a source briefed on the matter....
Four Democratic U.S. Senators have a message for bankrupt FinTech Synapse: Let your customers get access to their deposits. The four senators — Senate Banking Committee chair Sherrod Brown of Ohio, Ron Wyden of Oregon, Tammy Baldwin of Wisconsin and Pennsylvania’s John Fetterman — wrote...
Bankrupt cryptocurrency exchange FTX is set to ask permission to repay customers in cash. As Reuters reported Tuesday (June 25), the company will ask a judge to allow its customers to vote on a liquidation plan that would allow the cash repayments, despite protests from some customers who...
The relationships between FinTechs, banks and neobanks has been placed under a harsh spotlight with the recent revelations around the Synapse bankruptcy. The reaction from the industry so far has focused on the Synapse case as an isolated incident rather than a systemic issue, but...
June 21, 2024
The relationships between FinTechs, banks and neobanks has been placed under a harsh spotlight with the recent revelations around the Synapse bankruptcy. The reaction from the industry so far has focused on the Synapse case as an isolated incident rather than a systemic issue, but it has also been the occasion for a reconsideration of […]
June 17, 2024
The Federal Reserve Board issued a “cease and desist” order against Evolve Bancorp and its subsidiary, Evolve Bank & Trust, that may have a chilling effect on bank-FinTech partnerships. In addition...
June 10, 2024
The drama surrounding the Synapse Financial bankruptcy continued Friday (June 7) with an afternoon court hearing in California’s Central District Bankruptcy Court, although the case appeared no closer to a...
May 14, 2024
Consumers are increasingly buying clothing from third-party digital marketplaces, forcing more retailers to close shop. Most recently, Ted Baker’s North American business announced Friday (May 10) that amid bankruptcy proceedings in the United...
July 14, 2024
U.S. corporate bankruptcies are at a level not seen since the early days of COVID. So far this year, there have been 346 business bankruptcy filings in the U.S., Seeking Alpha reported Saturday (July 13), citing S&P Global Market Intelligence data. Last month’s filings were at their highest level since early 2020, the report said, […]
July 11, 2024
Banks connected to the collapse of Synapse are reportedly close to recovering customers’ frozen funds. These banks have made progress in putting together account information for those customers, which could mean their...
July 02, 2024
Four Democratic U.S. Senators have a message for bankrupt FinTech Synapse: Let your customers get access to their deposits. The four senators — Senate Banking Committee chair Sherrod Brown of...
June 25, 2024
Bankrupt cryptocurrency exchange FTX is set to ask permission to repay customers in cash. As Reuters reported Tuesday (June 25), the company will ask a judge to allow its customers to vote...
