Episode 550: Cease and Desist

Come for the expert views on how the Synapse bankruptcy has led to regulatory consent orders for three banks (so far), stay to find out what happens when two regulatory lawyers and a self-declared ‘bank nerd’ editor break down the issues and the lessons for the rest of the industry.
Matt Janiga from Trustly, Jesse Silverman from Troutman Pepper, and Kiah Haslett from Bank Director dive deep into what went wrong on the bank side, and what banks need to do to avoid a similar fate. Jesse has ideas for a better regulatory system, and says banks need to think beyond disclosures. Matt says banks need to step up their AML/BSA compliance systems and not try to do too much at once. Kiah gives a little history lesson and goes on a rant about how much of banks’ risk management systems are anything but. Everyone agrees with JP that banks keep stumbling over well-known issues, and that the risks of inaction are too big to ignore.
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[@stevecatpatrick8056]

There is not sufficient regulation for two simple reasons: There was no regulator that knew that it was their responsibility to review these companies, and the failure of synapse could let customers not be covered. It's not simply about disclosure, consumers need to be covered.