The FDIC Issues a Stop and Desist Order to Money Avenue

The SVB debacle did not help with this sentiment that had already been building over the past year in the Payments and FinTech communities. We've seen the regulators really crack down on several banks in the past year through formal consent degrees. And just a few days ago, we saw sort of a who's who of banking regulators release an official joint guidance as to how banks should be managing these third party risks.