Reported 22 days ago
The Federal Deposit Insurance Corporation (FDIC) has proposed new regulations requiring banks to strengthen recordkeeping for accounts held by fintech companies to ensure consumers have timely access to their funds. This comes after the bankruptcy of Synapse Financial Technologies, which led to the freezing of thousands of accounts. Additionally, the FDIC has updated its guidelines for bank mergers to enhance scrutiny on larger institutions, amid increasing regulatory focus on the banking sector.
Source: YAHOO