Synapse: CFPB judgment (Aug 2025)
The CFPB obtained a judgment against Synapse on August 21, 2025, according to the agency’s own announcement.
- Date
- Agency
- CFPB
- Action
- Judgment
- Amounts (as stated)
- $1 civil money penalty
The CFPB alleged banking-as-a-service middleware provider Synapse failed to keep adequate records of where consumers’ funds were held, leaving a $60-90 million shortfall and consumers without access to funds; a stipulated judgment imposed injunctive relief and a $1 penalty to unlock the civil penalty fund.
Money involved. $1 civil money penalty.
Questions
What did the CFPB say Synapse did?
The CFPB alleged banking-as-a-service middleware provider Synapse failed to keep adequate records of where consumers’ funds were held, leaving a $60-90 million shortfall and consumers without access to funds.
How much is Synapse paying?
$1 civil money penalty.
See every action in the fintech and crypto enforcement tracker.
- Company (as named)
- Synapse Financial Technologies, Inc.
- Category
- Neobank
- Civil penalty, USD
- $1
- Agency announcement
- consumerfinance.gov
- Order or complaint
- files.consumerfinance.gov
- Sources
Source Link CFPB announcement https://www.consumerfinance.gov/enforcement/actions/synapse-financial-technologies-inc/
Source: the agency’s own press release, litigation release, order or complaint, linked on each record. Charges are allegations; a company is not liable unless a court or agency finds it so.