d839993c69
- Source: inbox/queue/2026-03-25-bankingdive-beast-industries-warren-evolve-step.md - Domain: entertainment - Claims: 0, Entities: 2 - Enrichments: 4 - Extracted by: pipeline ingest (OpenRouter anthropic/claude-sonnet-4.5) Pentagon-Agent: Clay <PIPELINE>
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917 B
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917 B
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# Evolve Bank & Trust
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**Type:** Banking partner for fintech platforms
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**Status:** Active, under regulatory scrutiny
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## Overview
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Evolve Bank & Trust serves as banking partner for multiple fintech platforms, including Step (acquired by Beast Industries in 2026).
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## Compliance Issues
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Evolve has three documented compliance failures:
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1. **Synapse Bankruptcy (2024):** $96M in unlocated consumer deposits from Evolve-partnered fintech
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2. **Federal Reserve Enforcement:** AML/compliance deficiencies
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3. **Data Breach:** Dark web exposure of customer data
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## Timeline
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- **2024** — Entangled in Synapse bankruptcy with $96M unlocated consumer deposits
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- **2024** — Subject to Federal Reserve enforcement action for AML/compliance deficiencies
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- **2024** — Dark web data breach of customer data
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- **2026-03-23** — Cited in Senator Warren's letter to Beast Industries as regulatory risk for Step acquisition |