Jeff

@mikulaja consumerfinance.gov/about-us/newsr… That parallel case is a joke compared to Synapse.

Fintech Biz Weekly just dropped: -In Trump’s “debanking” executive order, he sees himself as a victim of discrimination -CFPB advances “fintech bailout” plan in Synapse-Evolve disaster -How quickly can a new open banking rule really be ready? You know where to find it

@mikulaja Just in case anyone is not sure, where do you find it? Can you add a link?

Fintech Biz Weekly just dropped: -How a single tweet led to Mercury terminating its relationship w/Evolve (without telling the bank first) -Evolve's "magic money" claims in latest open letter are likely just incorrectly generated PDFs You know where to find it.

@mikulaja You of all people know that the most stressful part of this nightmare is the lack of communication from the banks or regulatory bodies. We have no idea what is happening behind the scenes, so we live and die by your reports, Jason - I hope this isn’t just hype.

If you're following the Synapse saga, buckle up, because tomorrow's gonna be a barn burner.

@SenateBanking @SenCortezMasto @MassAGO And what about the thousands of people cheated out of their money in the Synapse bankruptcy? The CFPB did absolutely nothing with that case. There is still literally $96M missing.

While state attorneys general can provide support and often work with the CFPB, they have limited authority regulating big banks. @SenCortezMasto and @MassAGO agree that without the CFPB, Wall Street has free rein to cheat you out of your money.

@Sen_Alsobrooks @SenateBanking The CFPB hasn’t done shit with the Synapse bankruptcy. It deserves to be shuttered.

The Consumer Financial Protection Bureau helps Maryland families stand up to massive corporations and delivers necessary financial relief. So naturally, billionaires Trump and Musk want to get rid of it. The middle class has become this Administration’s target. It’s shameful.

@SenatorLBR @SenateBanking The CFPB hasn’t done shit with the Synapse bankruptcy. It deserves to be shuttered.

America’s veterans answered the call to serve our nation but now, thanks to the Trump admin's reckless cuts, there's no one to answer those veterans' calls when they need help. Listen to how one former CFPB employee describes what that means for our veterans and their families.

@SenTinaSmith @SenateBanking The CFPB hasn’t done shit with the Synapse bankruptcy. It deserves to be shuttered.

The Consumer Financial Protection Bureau is on the side of consumers. There’s a reason Wall Street hates them. But one of the first things that Donald Trump and Secretary Bessent did was get rid of it.

@SenAmyKlobuchar @SenateBanking @SenWarren @SenateDems The CFPB hasn’t done shit with the Synapse bankruptcy. It deserves to be abolished.

The Consumer Financial Protection Bureau stands up to big corporations to put $$$ back in the pockets of American consumers by taking on scams and predatory lending. I joined @SenWarren to highlight why this Administration must allow this crucial work to continue.    Watch:

@mikulaja @ajsaeedy Once again, the title should read, “Synapse Executive disclosed a SMALL PORTION of the missing funds.”

😅

@ajsaeedy Thanks for giving this story some attention, but your title is total clickbait. You grab peoples’ attention with the $100M figure and then only discuss a $3M piece of it that @mikulaja already has covered (I think @sankaet has even commented on it).

Scoop: A grand jury is investigating criminal misconduct at Synapse, the fintech company at the heart of a $100 million scandal over missing customer funds, and has questioned an executive who raised alarms before the company collapsed. wsj.com/finance/bankin…

@GrantAndrew @mikulaja If anything, this case illustrates the dangerous dilemma of consumer protections. When protections are abundant, people just assume everything marked “FDIC” is safe, so they stop doing their own research and fail to learn things like the difference between DDAs versus FBOs.

@hoffma77248 @mikulaja Honestly - it’s a failure they didn’t conclude an investigation. I have zero inside knowledge here but I would be surprised if one was not started, however.

I suppose this firmly settles that the CFPB will NOT be investigating Synapse and consumers will not be made whole with funds from the Civil Penalty Fund I admit to not understanding the end game here. Any Trump supporters who also understand financial services law, please reply

@mikulaja @JohnRoseforTN Thanks for showing a sliver of interest in this catastrophe. If I were questioning the Fed, I would ask what specifically they’re doing to find the missing $90M. I still don’t get how that is consistently treated like a minor piece of this story.

Rep Rose asking Fed Chair Powell about Synapse, Evolve and time to resolution. Powell says Fed has been "pressing" Evolve to return users' funds & that he's "deeply concerned" about complaints. "To the extent there are violations of law, we'll follow up on it."

@BizJournalism Synapse and the banks losing track of who is owed what makes perfect sense. What I have been trying to understand is how they lose a portion of the grand total and still attribute those missing funds to individual users.

@BizJournalism Thank you for clarifying that. I probably read this with some bias because so many of the other articles really gloss over the shortfall rather than making it the focus of the story. I’d love someone digging into that.

Last year the bankruptcy of Synapse Financial Technologies Inc, a critical intermediary linking #fintech companies to traditional banks, resulted in $265M in frozen end-user funds. Alessandra De Zubeldia reports at businessjournalism.org/2025/02/synaps… #BizJournalism #finance #neobanks

@lhfang The CFPB hasn’t done jack shit about the Synapse disaster.

Closing CFPB means rapidly accelerating the shift to app-based financial platforms with zero consumer protections — no FDIC insurance, no promises your money won’t be used to speculate on crypto like SBF, etc. Horrible idea that only empowers predators from the tech industry.

@SenatorAndyKim @SenateBanking If you haven’t heard of the Synapse case, you need to look it up and study it because it is a case study in the dangers of consumer protection laws and how they can hurt the very people they’re made to protect.

@SenatorAndyKim @SenateBanking So, why didn’t they do $&#% about the Synapse bankruptcy and its resulting disaster? I say good riddance.

CFPB’s job is to protect you against predatory big corporations. Trump is trying to get rid of it so his donors can do whatever they want to consumers. This isn’t change, it’s corruption.

@SenJackReed @SenateBanking @CFPB If you haven’t heard of the Synapse case, you need to look it up and study it because it is a case study in the dangers of consumer protection laws and how they can hurt the very people they’re made to protect.

@SenJackReed @SenateBanking @CFPB So, why didn’t they do $&#% about the Synapse bankruptcy and its resulting disaster? I say good riddance.

The @CFPB saved consumers $21 billion by looking out for the little guy. Now the Trump Admin. is moving to shut down #CFPB. Trump & Musk want to muzzle & neuter the consumer watchdog agency so it can't hold their special interests accountable.