Technology

The portfolio purchase, which follows the sale of MUFG Union Bank to U.S. Bancorp, represents about 32% of LendingClub's own personal loan portfolio. It should help boost the online lender's growth while using some of its excess capital.

The many advantages banks can obtain from working with financial technology companies are undeniable. But so are the dangers.

Banking companies are increasingly using application programming interfaces that transfer customer information to third-party money-management apps popular with consumers. But fraudsters are exploiting vulnerabilities in the technology to steal information.

Financial technology companies that distributed Paycheck Protection Program loans often employed lax oversight that allowed fraudsters or ineligible individuals to receive relief funded by taxpayers, a congressional report found.

Federal Reserve Gov. Michelle Bowman said regulations on banks have spurred the growth of unsupervised non-bank financial institutions like fintechs and private equity firms.

Some respected financial industry participants had connections with the cryptocurrency exchange and are coping with the fallout alongside thousands of investors and backers.

A blueprint for a shared ledger for digital money would include central bank digital currencies, bank deposits and e-money from companies like PayPal — but not unsupervised cryptocurrencies.

Payment firms including Mastercard and Block are banding together with fintech companies to press Canada to move faster on rules that may boost competition in financial services.

Daylight, which launched less than two years ago, is building a subscription service that helps LGBTQ customers overcome the complexities of starting a family.

M&T lends a hand in the Keystone State, fintech-bank deal is delayed and more in banking news this week.