Fintech Meltdown: FDIC Chair Uncovers $85 Million Shortfall in Synapse Bankruptcy Tangle
Washington, D.C., U.S. – Jelena McWilliams, the chair of the Federal Deposit Insurance Corporation (FDIC), revealed a significant $85 million shortfall in the midst of the Synapse bankruptcy case. The trustee appointed in the case disclosed that partner banks of the fintech middleman Synapse are currently holding $85 million less than what depositors are owed. According to trustee Jelena McWilliams, customers of fintech firms that utilized Synapse to connect with banks had a total of …