From CNBC: 2024-06-07 15:09:40

During a Senate hearing, FDIC chair Jelena McWilliams revealed an $85 million gap in funds held by partner banks of fintech Synapse, affecting over 100,000 customers. The missing funds explain the worst meltdown in the U.S. fintech sector. Attempts to reconcile accounts continue, but the source of the shortfall remains unclear.

McWilliams faces challenges in tracing missing funds due to lack of resources. Some customers have regained access to funds, but FBO account holders face delays. McWilliams presented options to allow customers to access funds more rapidly, with a recommendation to distribute funds promptly. The investigation and reconciliation process continues.



Read more at CNBC: Trustee says $85 million of customer savings is missing