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...
The assets of bankrupt Banking-as-a-Service (BaaS) provider Synapse are going up for sale next month. B Riley Advisory Services, the group handling the sale, announced Friday (Oct. 25) a pair of deadlines for interest bidders: Nov. 4, 4 p.m. PT for initial indications of interest,...
Evolve Bank & Trust said Wednesday (Oct. 23) that it expects to begin returning funds it holds to Synapse Brokerage end users impacted by the Synapse bankruptcy in November. The company launched a website that offers these end users information about the reconciliation process and...
Cross River Founder and CEO Gilles Gade has spoken out in favor of the Federal Deposit Insurance Corp.’s (FDIC) proposed requirements for custodial deposit accounts. The proposed requirements are a proper response to the collapse of Synapse and the fallout that impacted its FDIC-insured banking...
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 FinTechs and banks join forces. As a new legal front to the saga opens in a courtroom, the chorus calling for change will only grow […]
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....
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...
March 04, 2025
Evolve Bank & Trust said Tuesday (March 4) that it is set to return some funds to end users impacted by the Synapse bankruptcy but does not yet have the information it needs to return additional funds. The bank is working with Ankura to analyze data and confirm institution-to-institution cash management transactions involving end users’ […]
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...
October 27, 2024
The assets of bankrupt Banking-as-a-Service (BaaS) provider Synapse are going up for sale next month. B Riley Advisory Services, the group handling the sale, announced Friday (Oct. 25) a pair...
October 23, 2024
Evolve Bank & Trust said Wednesday (Oct. 23) that it expects to begin returning funds it holds to Synapse Brokerage end users impacted by the Synapse bankruptcy in November. The...
