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Mercury, a fintech startup, initially gained popularity as a founder-friendly company after the collapse of Silicon Valley Bank (SVB). However, recent scrutiny from regulators, including the FDIC, has revealed concerns over its practices. The FDIC emphasizes the need to regulate fintech startups in partnership with traditional banks. Ex-FDIC Chair Sheila Bair criticizes regulators for discouraging regional bank mergers.
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
