An agency report detailed how fintech ‘neobanks’ could fall into the regulatory cracks. Nobody managed to patch them up, and now depositors can’t retrieve their own money.
fintech
Posted inLaw and Justice
Judge Appoints Trustee in Synapse Bankruptcy Mess
An independent monitor is tasked with helping over 200,000 fintech customers get access to their money. But huge funding discrepancies remain.
Posted inEconomic Policy
Fintech Fight Leads to Hundreds of Thousands of Frozen Accounts
The chaotic bankruptcy of a middleware platform called Synapse has impacted numerous fintech companies, whose users are locked out of their savings.
Posted inEconomic Policy
The Problem Isn’t Financial Literacy, It’s Financial Fairness
In California, no-fee accounts would combat systemic discrimination in banking services.
Posted inEconomic Policy
The Predators Making Big Profits From Poverty
The shady tax refund industry skims onerous junk fees from low-income returns and shares personal taxpayer data in the process.
Posted inMoney, Politics, and Power
Fintech’s Latest Scheme
Earned wage access is pitched as a way to instantly get money for paid work. But companies attach high fees, and they are seeking exemptions from consumer protection laws.
Posted inEconomic Policy
Fed Nominee Michael Barr Discloses 82 Different Fintech Investments
Several of them involve startups in crypto, just as the products are crashing and the need for regulation is more acute than ever.
Posted inEconomic Policy
Banks and Tech Companies Jockey for Economic Control
As banks close branches, tech giants open physical stores.
Posted inEconomic Policy
Saule Omarova on Systemic Financial Risk and Her Failed Bid for Comptroller
‘There was a fear that I might be open to thinking systemically,’ says the Cornell Law professor who drew fierce opposition from the bank lobby.
Posted inEconomic Policy
What the New Sheriffs of Wall Street Can Do
Biden has empowered a crop of aggressive financial regulators. They’ll need to look beyond the banking industry and into finance’s darker corners.
