Last week, lawyers for the banking-as-a-service startup told a judge that the company, which had been serving 100 fintechs with 10 million customers, was working around the clock to wind down and ...

NEW YORK — The bank accounts of tens of thousands of U.S. businesses and consumers have been frozen in the aftermath of the abrupt shutdown and bankruptcy of financial technology company Synapse, ...

Banks involved in the mess caused by the collapse of fintech middleman Synapse have made progress piecing together account information for customers that could result in a release of funds in a matter ...

On September 17th, the Federal Deposit Insurance Corporation ("FDIC") issued a proposed rule entitled “Recordkeeping for Custodial Accounts” with comments due sixty days from the date of publication ...

One user said they had “over $60,000” tied up in an account that was unreachable. Another, a single mom, had just bought a home and couldn’t access the funds to make the first mortgage payment. A ...

Proposed rules would mandate that banks holding custodial deposit accounts with transactional features maintain records of the underlying beneficial owner and the amount attributable to each ...

Unless the new administration squashes it, soon banks and fintechs will need to work with the FDIC's so-called Synapse rule, which would require them to ensure that the balances of custodial deposit ...