Stripe, Block, and other major fintech companies have formed a new coalition to set compliance standards for the fintech industry following the Synapse Disaster. The Coalition for Financial Ecosystem Standards (CFES) aims to develop clearer industry compliance standards for nonbanks participating in financial services. The initiative is led by Sima Gandhi, a former fintech CEO and early Plaid employee. Mercury has joined CFES as a founding member, emphasizing the need for clearer industry standards in bank-fintech partnerships. Other members of the coalition include Rho and Relay.