FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle

FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle

The rule, aimed at accounts opened by fintech firms that partner with banks, makes the institution maintain records of who owns the account and daily balances.

FDIC Unveils Rule Forcing Banks To Keep Fintech Customer Data in Aftermath of Synapse Debacle

The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. From a report: The rule, aimed at accounts opened by f...

FDIC rule would make banks keep fintech customer data after Synapse debacle

Tsingha25 | Istock | Getty Images The Federal Deposit Insurance Corporation on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances …