FDIC appears to direct monitoring of fintech corporations after Synapse collapse, Bloomberg Information studies

(Reuters) – The Federal Deposit Insurance coverage Company has began to straight monitor financial-technology firms that associate with banks throughout the U.S., Bloomberg Information reported on Wednesday.

The fintech monitoring system will assist FDIC examiners anticipate potential vulnerabilities earlier than they change into an issue for banks, the report added, citing individuals acquainted with the regulator’s supervisory operations.