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 ...

There may be relief for the thousands of Americans whose savings have been locked in frozen fintech accounts for the past two months. Subscribe to read this story ad-free Get unlimited access to ...

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 ...

Yotta marketed accounts as FDIC-insured and impossible to lose, then moved $28 million of Californians' money to a Synapse ...

Federal bank regulators are not coming to rescue the thousands of fintech customers who have lost access to their money during the unfolding bankruptcy of banking-as-a-service provider Synapse ...

Dakota Asselyn, a supply chain specialist for Northrop Grumman, started using Yotta's savings app in September 2020, around the time influencer Graham Stephan was promoting it as an alternative to ...

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, ...

The chaotic bankruptcy of a middleware platform called Synapse has impacted numerous fintech companies, whose users are locked out of their savings. One user said they had “over $60,000” tied up in an ...

The prospects for troubled banking-as-a-service startup Synapse have gone from bad to worse this week after a United States Trustee filed an emergency motion on Wednesday. The trustee is asking to ...

Paying for rent, mortgage, groceries, gas, and fun - life is expensive! But what happens to a person's life if they lose access to their money? Right now, that's the reality many Americans are facing.

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 ...