The Office of the Comptroller of the Currency slammed the scandal-plagued bank for violating a 2018 consent order and for problems with loss mitigation practices in its home lending division. The bank will also be restricted from acquiring certain residential mortgage servicing rights.

Under new CEO Andy Harmening, the Green Bay, Wisconsin, company is beefing up its auto, commercial and asset-based lending units, with a goal of bringing in $2.6 billion of new loans by the end of 2023. It’s also making hefty investments in technology to improve its digital banking capabilities.

The neobank, which posted losses and burned through capital in its first year, has received a huge funding boost. That's raising questions about the depth of Varo's struggles and whether regulators and investors hold challenger banks and traditional banks to different standards.

Merchants will be able to offer the interest-free installment product starting in October. One of Synchrony’s retail partners, Amazon, announced a buy now/pay later partnership with Affirm last month.

Banks that embraced their role as a conduit for Paycheck Protection Program loans were likelier to take more risk elsewhere, according to new research by three accounting professors. “Anytime you have that amount of money flowing through the bank, it’s going to affect behavior,” one of the authors said.

Businesses requiring customers to show proof of vaccination could streamline verification by incorporating inoculation records into wallet apps that patrons already have on their phones.