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Evolve Bancorp faces additional enforcement actions by end of 2024?
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Resolution / Starting Odds
Yes • 50%
No • 50%
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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