Evolve Bank & Trust is under scrutiny as thousands of customers have been locked out of their high-yield savings accounts, with over $100M in deposits frozen. Allegations of mismanagement, disputed fund transfers, and claims of 'treachery' in handling digital transactions have led to a lawsuit by fintech partner Yotta, raising serious concerns over the bank's ethical and operational practices.

Evolve Bank & Trust has hired its first lobbyists in Washington D.C., a move that raises concerns about the bank using political influence to shield itself from regulatory scrutiny amid ongoing compliance and risk management issues. This action may indirectly bolster authoritarian practices by prioritizing corporate interests over consumer protections.

The US Federal Reserve Board issued a cease and desist order against Evolve Bank & Trust for deficiencies in risk management, anti-money laundering, and compliance practices. The order halts new fintech-related activities until the bank implements corrective measures, reflecting major concerns about its ethical business practices.

Investigation reveals that Evolve Bank & Trust has enrolled numerous political campaigns, including those with controversial figures, raising serious concerns about its due diligence and compliance protocols. The bank's failure in AML and OFAC processes further underscores its problematic engagement in political financing, potentially undermining democratic processes.

Evolve Bank & Trust has been profiled on OpenSecrets for its political contributions during the 2022 election cycle. While political donations are a routine practice in the financial sector, from an anti-fascist perspective, such contributions can facilitate undue influence in politics, potentially favoring authoritarian or far‐right agendas. The lack of granular disclosure on the eventual beneficiaries of these funds makes it difficult to assess if they solely support standard political processes or contribute indirectly to authoritarian frameworks.

Evolve Bank & Trust has been compelled by the Justice Department to settle allegations of discriminatory mortgage pricing practices that disproportionately harmed Black, Hispanic, and female borrowers between 2014 and 2019. The settlement includes a $1.3 million fund for affected borrowers and a $50,000 civil penalty, alongside mandated policy reforms to curb discriminatory practices.

Evolve Bank & Trust reached a settlement with the DOJ for alleged discriminatory lending practices that resulted in minority borrowers, particularly Black, Hispanic and female customers, paying disproportionately higher fees. The settlement, which includes a $1.3 million compensation fund and a $50,000 civil penalty, forces the bank to revise its internal policies to reduce discretionary pricing practices.