Finance

FDIC looks to direct monitoring of fintech firms after Synapse collapse, Bloomberg News reports

Published

2 years ago

December 5, 2024

By Reuters | Updated: December 5, 2024

A Federal Deposit Insurance Corporation building is seen in Arlington, Virginia — *A view of the Federal Deposit Insurance Corporation building in Arlington, Virginia, October 25, 2010. REUTERS/Jim Young/File Photo Purchase Licensing Rights*

Dec 4 (Reuters) – The Federal Deposit Insurance Corporation has started to directly monitor financial-technology companies that partner with banks across the U.S., Bloomberg News reported on Wednesday.

The fintech monitoring system will help FDIC examiners anticipate potential vulnerabilities before they become a problem for banks, the report added, citing people familiar with the regulator’s supervisory operations.

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