In what should come as no surprise to FinTech sponsor banks, the FDIC is reemphasizing the need to maintain control over synthetic account ledgers in the wake of the Synapse collapse. On September 17, the FDIC’s rulemaking board finalized certain recordkeeping rules that will require FinTech sponsor banks to maintain the ability to determine the beneficial ownership of funds in pooled accounts every business day….
By: Nelson Mullins Riley & Scarborough LLP
By: Nelson Mullins Riley & Scarborough LLP
