Lineage Bank, which was a partner bank for Synapse, the banking-as-a-service (BaaS) provider that went bankrupt in 2024, has reached a consent order with the Federal Deposit Insurance Corporation (FDIC). According to the consent order dated June 24 and announced by the FDIC in a Friday (July 31) press release,...
California regulators have ordered FinTech Yotta Technologies to pay $1 million, adding another enforcement action to the long fallout from the collapse of banking-as-a-service middleman Synapse. Yotta’s model mixed savings with gamification. The company offered sweepstakes games and prizes to customers who opened savings accounts,...
The CFPB has allocated $46 million to victims of Synapse Financial Technology’s collapse. The Consumer Financial Protection Bureau (CFPB) announced the payment from its Civil Penalty Nov. 28, though it came to light late last week in reports from Bloomberg Law and then FinTech Business...
The Financial Industry Regulatory Authority (FINRA) is reportedly investigating misconduct allegations against two former executives of collapsed banking-as-a-service (BaaS) provider Synapse Financial Technologies. FINRA is looking into Synapse’s brokerage arm’s former chief compliance officer, Mark Paverman, and the unit’s former president and CEO, Jeffrey Stanley,...
June 23, 2025
Reports of the Consumer Financial Protection Bureau’s death have been exaggerated. The agency is in flux in terms of staffing and funding as the President Donald Trump administration has pursued a different regulatory tack than past administrations. However, there came a hint Friday (June 20) that the CFPB may be seeking consumer redress in the […]
June 09, 2025
The end might be near for the Synapse bankruptcy case. Jelena McWilliams, the court-appointed Chapter 11 trustee has formally requested the U.S. Bankruptcy Court for the Central District of California...
May 12, 2025
Welcome to another edition of Washington Weekly, the series in which PYMNTS CEO Karen Webster and QED Investors partner Amias Gerety start their conversation with a Manic Monday check-in. The...
April 14, 2025
The protracted Synapse Financial Technologies bankruptcy is nearing its final stages with a whimper rather than a bang. Late last week (April 10) Trustee Jelena McWilliams filed a status report...
September 15, 2026
Lineage Bank, a Tennessee-based bank that was a partner bank for Synapse, the banking-as-a-service (BaaS) provider that went bankrupt in 2024, has rebranded as Harpeth Bank & Trust. The bank announced the name change in a Tuesday (Sept. 15) post on LinkedIn. “This transition reflects a renewed commitment to the true spirit of community banking […]
July 31, 2026
Lineage Bank, which was a partner bank for Synapse, the banking-as-a-service (BaaS) provider that went bankrupt in 2024, has reached a consent order with the Federal Deposit Insurance Corporation (FDIC). According to...
May 19, 2026
California regulators have ordered FinTech Yotta Technologies to pay $1 million, adding another enforcement action to the long fallout from the collapse of banking-as-a-service middleman Synapse. Yotta’s model mixed savings...
December 21, 2025
The CFPB has allocated $46 million to victims of Synapse Financial Technology’s collapse. The Consumer Financial Protection Bureau (CFPB) announced the payment from its Civil Penalty Nov. 28, though it...
