Evolve Bank and Trust
Memphis, Tennessee
Evolve Bank & Trust, a prominent Banking-as-a-Service sponsor bank, had been subject to a consent order issued in 2022 related to redlining practices. The order required the bank to meet specific compensation obligations and comply with injunctive terms. On May 29, 2025, the consent order was terminated after Evolve demonstrated full compliance with all terms. Evolve Bank is one of the most significant BaaS sponsor banks in the industry, partnering with numerous fintech companies. The termination removes a significant regulatory overhang for the bank, though Evolve has faced separate regulatory scrutiny related to its fintech partnerships and the Synapse bankruptcy.
Verified from source: The September 2022 redlining consent order with Evolve Bank and Trust was terminated early on May 29, 2025, after the DOJ stated in its unopposed motion that the bank had complied with requirements to compensate aggrieved borrowers, pay a civil penalty, and was in substantial compliance with the injunctive terms of the Consent Order.
- Termination of the redlining consent order removes one layer of regulatory burden for a major BaaS sponsor bank
- Evolve's ability to resolve enforcement matters may affect its capacity to maintain and expand fintech partnerships
- BaaS partners of Evolve may view the termination positively in their own due diligence assessments