December 21, 2024

FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle

 FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle

FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle

The rule, aimed at accounts opened by fintech firms that partner with banks, makes the institution maintain records of who owns the account and daily balances.