Instead, his company has inadvertently been a source of deep pain for thousands of customers who relied on Yotta accounts to receive paychecks, pay bills and save for emergencies. For the past three weeks, 85,000 Yotta customers with a combined $112 million in savings have been locked out of their accounts, Moelis told CNBC. Accounts at crypto firm Juno and at Copper, which offered savings accounts for families and teens, also have been frozen. Adam Moelis, Co-Founder at Yotta Savings. Representatives of the agencies have pointed to efforts they've made to encourage banks to manage the risks of using fintech partners.

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Persons: Oscar Wong, Adam Moelis, Trust —, Moelis, Dave, We've, they've Organizations: Synapse, Bank, Trust, CNBC, Evolve Bank, Evolve, Mercury, Yotta Savings, Federal Reserve, Federal Deposit Insurance Corp Locations: Tennessee, Yotta, fintech