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310 Inside Mercury’s Stumble From Fintech Hero to Target of the Feds

The Information
Michael Roddan @ The Information 3 place · 03/28/2024 09:00 EDT

Inside Mercury’s Stumble From Fintech Hero to Target of the Feds

The meeting last July between officials from the Federal Deposit Insurance Corp. and executives from Choice Financial Group was tense.

For most of the two-and-a-half hour session, the FDIC officials delivered the results of the agency’s recent examination of Choice, a once sleepy bank based in Fargo, N.D., for possible violations of anti–money-laundering and counterterrorism financing regulations, according to records of the meeting. Their findings weren’t pretty. The FDIC was particularly concerned about.

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