The Consumer Financial Protection Bureau (CFPB), which could run out of funds by October, accused bankrupt fintech firm Synapse in a complaint of failing to maintain accurate records of customer funds. This marks one of the agency’s few enforcement actions the agency has taken since President Donald Trump took office.
In an Aug. 21 post on its enforcement page, its first enforcement action since Jan. 30, the CFPB announced that it filed a complaint and proposed a stipulated final judgment and order against Synapse. The agency claimed Synapse did not maintain adequate records of consumers’ funds, and did not ensure that the records matched with those of partnering banks, a violation of the Consumer Financial Protection Act of 2010.
