An Arkansas bank that teamed up with Andreessen Horowitz-backed Synapse Financial Technologies Inc. before the fintech collapsed will have to get federal regulators’ approval before entering into any future partnerships, the Federal Reserve said.
Evolve Bank & Trust will have to improve its risk management, particularly in its open banking division, after examiners from the Fed and the Arkansas State Bank Department discovered shortcomings 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 shortcomings cited in safety and soundness and consumer compliance exams ...
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