Fintech
Fed slaps Arkansas bank involved in Fintech Synapse failure (1)
An Arkansas bank that partnered with Andreessen Horowitz-backed Synapse Financial Technologies Inc. ahead of the fintech collapse will have to get approval from federal regulators before entering into any future partnerships, the Federal Reserve said.
Evolve Bank & Trust will need to improve its risk management, particularly in its open banking division, after examiners from the Fed and the Arkansas State Bank Department uncovered deficiencies in the bank’s oversight of fintech partners and anti-money laundering requirements , according to a Friday. cease and desist order.
Evolve has already begun to address the deficiencies cited in consumer safety, soundness and compliance reviews…