The consumer lending fintech is continuing to branch away from its original student loan refinancing gig to drive revenue and beat analysts' predictions.

The online consumer lender has told about 140 employees who process loan applications that it is eliminating their positions. The job cuts come as Upstart struggles to get banks and other investors interested in buying enough of its loans.

The agreement, which still needs court approval, should help what remains of the online small-business lender as it moves through bankruptcy proceedings. After Kabbage emerged as a major Paycheck Protection Program lender, some of its key assets were sold to American Express.

A federal judge in Wyoming said the scope of the lawsuit could change but that he expects it to proceed. It would be the first master account challenge to go to trial.

Citi unit backs fintech rewards, Mastercard's multinational score and more in banking news this week.

The consumer lending fintech held about one-third of its loan originations on its balance sheet and fortified its deposit base this quarter.

Masons Financial will make it easier for lodges to collect dues and for members to pool money for charity.

Nickels, which works with the credit union service organization Reseda Group, is using its $4 million seed funding to give financial institutions more visibility into consumers' debts.

The Cincinnati bank reported strong growth from Dividend Finance, which offers renewable energy loans, and Provide, which lends money to health care professionals. The two units were bright spots as the company's net income dropped by 7.2%.

Nubank partnered with the blockchain developer Polygon to develop Nucoin and an affiliated customer rewards program.

Sixteen bank members of the Alloy Labs Alliance have come up with a set of rules for banking as a service, and who is responsible for what.

Since 1982, the Small Business Administration's 7(a) program has been restricted almost entirely to banks and credit unions. A proposed rule would open it to fintech lenders.

Stephanie Ferris will take the helm from current CEO Gary Norcross on Jan. 1, as he transitions to executive chairman of the board.

The prepaid card and digital banking company promoted its chief financial and operating officer, George Gresham, to chief executive.

Greenlight introduced a new tier on Wednesday for app users that recognizes vehicle crashes, enables instant emergency alerts and more.

House Financial Services Committee ranking member Patrick McHenry, R-N.C., is poised to be a leading critic of the administration's regulatory policies in the next Congress.

The sponsor bank, which works with fintechs like Chime and PayPal, says the switch will help it support its payments clients as they move into lending.

The industry must adapt quickly to the changing preferences of entrepreneurs and the innovation of nonbanks such as PayPal and Square, according to speakers at American Banker's Small Biz Banking Conference. Traditional players such as U.S. Bancorp and Comerica say they're making the necessary investments.

A new report from American Banker's parent company finds that traditional banks are vulnerable to competition from online banks and fintechs such as PayPal and Square. It recommends that banks build deeper relationships with small-business owners by adding more products to their traditional suite of offerings.