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Additional regulatory actions against fintech-partnered banks by end of 2024?
5
Resolution / Starting Odds
Yes, against one more bank • 33%
Yes, against two or more banks • 33%
No additional actions • 33%
Federal Reserve or other regulatory body official reports or statements
Story
Federal Reserve Issues Enforcement Action Against Evolve Bancorp Inc. on June 14, 2024
Jun 14, 2024, 03:55 PM
On June 14, 2024, the Federal Reserve issued an enforcement action against Evolve Bancorp Inc. for failing to manage risks associated with its fintech partnerships and for not complying with anti-money laundering laws. The action mandates Evolve Bank to strengthen its risk management programs. This move follows a similar FDIC consent order against Cross River Bank in May 2023, highlighting increased regulatory scrutiny on banks involved in embedded finance, fintech, and banking-as-a-service (BaaS).
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Similar markets
No expansion • 25%
Expansion to digital currencies • 25%
Expansion to fintech companies • 25%
Expansion to other financial services • 25%
No action • 33%
1-2 actions • 33%
3 or more actions • 33%
Stricter regulations imposed • 33%
Looser regulations imposed • 33%
No significant change • 33%
New regulations introduced • 33%
Existing regulations tightened • 33%
No regulatory changes • 34%
No further actions • 34%
Minor fines or penalties • 33%
Major regulatory actions or lawsuits • 33%
Yes • 50%
No • 50%
New disclosure rules • 25%
Increased enforcement actions • 25%
Revised compliance guidelines • 25%
Introduction of new transparency measures • 25%
