The news: The Federal Deposit Insurance Corporation (FDIC) just proposed a rule that would require sponsor banks to track the identities and balances of fintech customers. The move has major implications for those financial institutions already in or looking for banking-as-a-service (BaaS) partnerships.

How we got here: In a recent briefing, senior FDIC officials told journalists that the regulator had been considering rules along these lines for several years, per the New York Times. The collapse of Synapse offered a tangible example of what they were trying to prevent.

• The FDIC  has received over 1,000 customer complaints related to Synapse since its troubles went public and more than 10 million customers lost access to their funds.