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- 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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1.4 KiB
Markdown
31 lines
No EOL
1.4 KiB
Markdown
# 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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**Notable Partners:** Step (Beast Industries), Synapse (bankrupt 2024)
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## Overview
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Evolve Bank & Trust serves as banking infrastructure for fintech platforms, including teen banking app Step (acquired by Beast Industries in 2026).
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## Compliance History
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### Synapse Bankruptcy (2024)
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Evolve was entangled in the Synapse bankruptcy, which left $96M in consumer deposits unlocated. This represents a documented instance where an Evolve-partnered fintech left consumers without access to funds.
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### Federal Reserve Enforcement
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Evolve was subject to Federal Reserve enforcement action specifically for AML (Anti-Money Laundering) and compliance deficiencies.
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### Data Breach
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Evolve experienced a dark web data breach exposing customer data.
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## Regulatory Attention
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The bank's compliance history became a focal point of Senator Elizabeth Warren's March 2026 scrutiny of Beast Industries' Step acquisition, with Warren citing all three compliance failures as evidence of consumer protection risk.
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## Timeline
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- **2024** — Synapse bankruptcy leaves $96M in consumer deposits unlocated
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- **2024** — 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** — Named in Senator Warren letter as risk factor in Beast Industries' Step acquisition |