The FDIC order addresses a series of corrective measures focused on “deficiencies” in risk management and compliance limitations on Evolve’s Open Banking Division (OBD). Endurance was quoted in this article.

The drama surrounding the Synapse Financial bankruptcy continued in June. The bankruptcy sets the stage for a complex series of events that will stress-test the very concept of banking-as-a-service and challenge the business models that have put millions of consumers’ assets at risk.

Ledgers of the failed fintech middleman Synapse show that nearly all the deposits held for customers of the banking app Yotta went missing weeks ago, according to one of the lenders involved.

According to a new report by Citi, 54% of jobs in the banking sector have a higher potential for automation, while another 12% could be augmented by AI.

MC Bancshares and Heritage Nola called off the deal, announced last July, over “uncertainties in the regulatory environment,” one CEO said. The Biden Administration's concern about "excessive consolidation" has slowed merger applications.

Regional banks around the U.S. are striking complex and costly bargains with hedge funds, hoping to insulate themselves from a replay of the turmoil that followed Silicon Valley Bank’s failure last year. Wall Street smells a payday.

Private lenders are highly dependent on banks for their activity, and much of their growth seems backed by banks.

For years, it was known as a $357 billion investing giant with insatiable appetite for yield in an era of rock-bottom interest rates. Now Norinchukin Bank has become one of the biggest casualties of an entirely different financial world — where higher-for-longer borrowing costs are exacting a painful toll on the market’s weakest hands.

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While the Fed’s rate hikes have reined in growth, especially among over-levered consumers, corporates, and banks, the easing of financial conditions since the “Fed pivot” in December continues to offset the effect of higher rates. For the rest of 2024, Apollo expects economic growth to be higher than consensus and inflation to stay above the Fed’s target. No Fed cuts in 2024.

A government with a permanent deficit and a bloated military which is losing conflicts. An economy performing more poorly than the government statistics. A bogus ideology pushed by elites. Poor health among ordinary people and astonishing levels of drug addiction and overdose death. Gerontocratic leaders. A public whose confidence in the Supreme Court, the banks, public schools, news, criminal justice, the presidency, Congress, large technology companies, and organized labor is the lowest since 1979. All of this while facing an aggressive ideological rival who is a strong technological competitor with a navy larger than ours. Sound familiar?