FDIC 'Synapse Rule' Reshapes BaaS Compliance
After Synapse Financial's collapse left $65-95M in customer funds missing, the FDIC now requires daily reconciliation of custodial deposits and independent testing of third-party risk programs.
After Synapse Financial's collapse left $65-95M in customer funds missing, the FDIC now requires daily reconciliation of custodial deposits and independent testing of third-party risk programs.