During the third quarter, revenues at the online consumer lender fell by 31% from the previous three months. CEO Dave Girouard expressed dissatisfaction but also argued that the company's lending model is working as intended.

The fintech reported on its third-quarter earnings call that tightening its credit standards has already improved delinquency trends.

A proposed rule would end a 40-year moratorium on participation in the Small Business Administration's flagship 7(a) program by nondepository lenders. However, staffing constraints would limit the number of new licenses to just three at the start.

The company is building on other 2022 launches including stock trading and faster remittances from the U.S. to Mexico in its campaign to offer an all-encompassing financial app.

Chime, Varo, Upstart and Stripe are among the many companies that have recently laid off more than 10% of their workforce. Banks could benefit from a chance to scoop up tech talent.

Mobile banking marches on, new blood for Visa fintech effort and more in banking news this week.

The payment platform will let institutional clients distribute digital payments more efficiently, using low-code software and artificial intelligence.

Ant Group's Singapore digital wholesale bank will start offering loans to small and medium-sized businesses, as the Chinese fintech giant extends its reach in the city-state.

The fintech plans to use the capital to scale its platform, which uses machine learning to make loan decisions, with a goal of reducing bias in underwriting.

Following the verdict, the student-loan servicer could potentially owe Louis Beryl more than $4.4 million in severance money. Navient fired Beryl less than three months after acquiring Earnest, the student loan refinancing company that he co-founded.