Acting Comptroller of the Currency Michael Hsu said the bankruptcy of Synapse earlier this year highlights regulatory gaps around the state-based licensing of businesses that transfer money.

A consulting firm hired by the bank, Ankura, has reconciled ledgers between Synapse and its partner banks, Evolve says.

The consumer neobank, made by and for Native Americans, understood its target audience deeply and had a plan in place to earn revenue beyond interchange fees. Its struggles to get off the ground reflect other challenges — and lessons — for neobanks where a good idea is only the starting point.

The regulator cited Axiom Bank for unsafe and unsound practices as well as violating the Bank Secrecy Act and anti-money laundering requirements.

The company, which helped consumers strategize their credit card payments and pivoted to a B2B model earlier this year, has sold its intellectual property two months after it folded.

It won't be cryptocurrencies or central bank digital coins that revolutionize global finance, but rather banks offering deposit tokens that have many of the benefits of both.

Banks are trying to get a grasp of the Consumer Financial Protection Bureau's financial data rights plan, from preparing for an influx of data requests from fintechs to meeting ongoing compliance.

As a public company, the neobank would have the capital support to keep growing quickly. It would also have to rein in costs and show a profit.

The company has signed an agreement to sell Continental Finance its entire card portfolio.

Federal Reserve Gov. Michelle Bowman said a lack of banking experience among regulatory officials has led to unintended consequences. She flagged mergers, fintech partnerships and liquidity proposals as prime examples.

If companies want to keep partnering with banks to build innovative financial services, they need to stop thinking about regulation as their partner banks' problems and start being part of the solution.

In the U.S. and around the world, women still face many barriers to financial inclusion, and workplace practices that make it more challenging for them to build wealth. It doesn't have to be that way.

Fintech app Yotta filed a lawsuit against partner bank Evolve, arguing that it conspired with Synapse to misuse customer funds.

The Federal Deposit Insurance Corp.'s proposed rule aims to improve record keeping for custodial accounts, while the merger policy would increase regulatory scrutiny for combinations involving the largest banks.

The company, a pioneer in AI-based lending, says improvements to its models and long-term commitments from the banks it works with will bring about positive returns in the third and fourth quarters. 

At a New York event, industry practitioners shared how they are addressing cultural, compliance and logistical objections to making loans based on bank account data.

A letter led by Sen. Elizabeth Warren, D-Mass., urges bank regulators to crack down on banking as a service, while another led by Sen. Jack Reed, D-R.I., asks that the Consumer Financial Protection Bureau more closely monitor buy now/pay later companies.

The bank has partnered with a fintech, Zentist, to give dentists a system that automates insurance and billing processes.

First Electronic Bank is using technology from Spring Labs to analyze its fintech partners' customer communications and identify problems.

SpringFour, which partners with banks and lenders to deliver financial resources to their end users, will join the C&R Software umbrella, where it hopes to expand into other markets beyond financial services.