1f24983e0b
- 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 KiB
Markdown
25 lines
No EOL
1 KiB
Markdown
# Evolve Bank & Trust
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**Type:** Banking institution (fintech partner)
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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 History
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Evolve has three documented compliance failures:
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1. **Synapse Bankruptcy (2024):** Entangled in bankruptcy resulting in $96M in unlocated consumer deposits
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2. **Federal Reserve Enforcement:** Subject to Fed enforcement action for AML/compliance deficiencies
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3. **Data Breach:** Experienced dark web data breach exposing customer data
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These issues became focal point of Senator Warren's March 2026 scrutiny of Beast Industries' Step acquisition.
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## Timeline
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- **2024** — Synapse bankruptcy, $96M in unlocated consumer deposits
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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** — Banking partner for Step (Beast Industries acquisition) |