Synapse Financial Technologies, Inc.

A CFPB enforcement action page for Synapse Financial Technologies, Inc. is cited in the source data, indicating the CFPB has taken or is pursuing enforcement action against the company. Synapse was a prominent BaaS middleware provider that facilitated partnerships between fintech companies and sponsor banks including Evolve Bank & Trust. Synapse filed for bankruptcy in 2024 amid revelations of significant shortfalls in customer funds. The CFPB enforcement action likely relates to consumer protection failures in the management of end-user funds held through Synapse's platform. Specific details of the action are not provided in the source text itself, but the official CFPB enforcement page is cited.

Verified from source: The CFPB filed a complaint and proposed stipulated final judgment against Synapse Financial Technologies for violating the Consumer Financial Protection Act by failing to maintain adequate records of consumers' funds, causing a shortfall of $60-$90 million and loss of consumer access to funds. The stipulated final judgment was entered on September 12, 2025.