Mercury, a fintech startup that gained popularity after Silicon Valley Bank's collapse, is facing regulatory scrutiny from the FDIC for questionable practices. The FDIC is concerned about the company's behaviors, leading to a closer examination of its operations.
On Ch.2 from @Policedy_Ed. As the United States economy came to a disruptive halt in 2020, Silicon Valley Bank (SVB) experienced a wave of deposits totaling $140 billion. This was the first in a cascade of events which ultimately led to its collapse. https://t.co/fQbt8tqMQo
Ex-FDIC Chair Sheila Bair says it’s wrong for regulators to ‘discourage’ regional bank mergers https://t.co/65wIaMl5UY
“You can’t let any fintech run the show” — @FDICgov @MichaelRoddan gets inside the crumbling marriage of fintech startups & regulated banks. https://t.co/zibJEaPilY https://t.co/jwuqY80dKp
Funny that it is turning out that the event that was supposed to be a big boon to fintech (the collapse of SVB) is precipitating a serious wave of new scrutiny for these companies. Great reporting from @MichaelRoddan https://t.co/kMwV9WzfsW
🚨NEWS🚨 I take us deep inside the regulatory stumbles of Mercury, which became Silicon Valley's favorite banking startup when SVB imploded. The fintech has drawn the ire of the FDIC for a long list of questionable behaviors. Dive into this story. https://t.co/hMXBpELUPG
Mercury won startup fans as a founder-friendly fintech. But a rare look inside a meeting with regulators shows their concerns with its practices. https://t.co/p8GLAxY7wl By @MichaelRoddan