Webinar – The Synapse Collapse: Lessons for Understanding Fintech Regulation and Safe Banking Access

You may have seen recent news coverage of the bankruptcy and collapse of the fintech start-up Synapse, which had described itself as the biggest “banking as a service” (BaaS) provider. It’s estimated that more than 10 million end-users may have experienced problems, delays, or data breaches, with at least 200,000 customers locked out of accessing their funds. The issues raised by the Synapse bankruptcy are complex and relevant to our work together promoting access to safe and affordable banking accounts and helping consumers navigate financial products. The CFE Fund created a document outlining some background information and key facts about passthrough deposit insurance and regulatory issues related to fintech products and the Synapse situation; read that background document here.

You’re invited to join an upcoming Bank On webinar, The Synapse Collapse: Lessons for Understanding Fintech Regulation and Safe Banking Access, at 7:30 AM Arizona time on Thursday, July 18th featuring Jason Mikula, an author and BaaS consultant who specializes in fintech products and regulation. Jason has been covering the Synapse situation and will be interviewed by CFE Fund Senior Principal David Rothstein. Jason and David will discuss the Synapse situation and what it might mean for the regulation and safety of other fintech products. Their discussion will also cover the differences in how fintech products and chartered financial institutions are regulated, what these differences mean for consumers, and how local leaders can talk to community members about these issues.

Click here to register: https://bit.ly/BankOnSynapseWebinar