MainStreet Bancshares in Fairfax has closed its banking-as-a-service subsidiary after the unit fell far short of meeting its revenue and deposit targets.
The agency is offering buyouts and early retirement incentives for employees, with layoffs possible if targets aren't met, as part of the Trump administration's overall downsizing of the federal government.
The National Credit Union Administration insists it can still function with one board member, but legal experts and industry groups say any substantive regulatory actions could face serious challenges.
Fund That Flip, a former Synapse customer that says its customers are owed $243,861, won the right to demand answers and documents from Evolve.
The Dallas-based regional bank doesn't plan to halt in-progress investments, but it may adjust the pace of spending this year, depending on which way the economy goes. It also made downward revisions to its outlook for average loans, net interest income, fee income and expenses.
Federal Reserve officials have all but conceded their claims to bank oversight independence while holding fast to monetary policy independence. But whether that line will hold is an open question.
