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US Senator Warren presses Fed nominee on Synapse financial collapse

( April 23, 2025, 17:45 GMT | Official Statement) -- MLex Summary: US Senator Elizabeth Warren wrote to Federal Reserve Vice Chair nominee Michelle Bowman seeking answers on her failure as Chair of the Fed’s Committee on Consumer and Community Affairs to appropriately supervise Evolve Bank, Synapse Financial’s primary bank partner, leading up to Synapse’s bankruptcy. “The Evolve-Synapse disaster did not develop overnight. There were several troubling warning signs that should have prompted immediate supervisory and enforcement intervention from the Federal Reserve, which could have avoided, or at least mitigated, the damage,” the letter said. Statement follows in full. Also see attached file. ...

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