The McLean, Virginia-based company continues to tout its willingness to invest in longer-term opportunities. Executives declined to provide a shorter-term expense forecast, and its stock price fell in after-hours trading.

Adam Cox led the wealth management division of a regional bank for 10 years. His lack of an ownership stake in the business he'd spent so much time building eventually drove him to seek independence.

The credit startup is seeking a limited-purpose charter from federal regulators through the Competitive Equality in Banking Act's credit card bank carveout.

Federal Reserve Gov. Christopher Waller said certain corporate functions at the 12 regional banks, including information technology and human resources, could be consolidated under one structure to increase standardization and reduce costs.

LendingClub, which debuted as an online alternative to traditional consumer lending, is rebranding this summer. The new name reflects its broadened banking capabilities, which include a checking account, a savings account and certificates of deposit.

The South Carolina-based bank agreed to pay more than $100 million to acquire a longtime competitor in fast-growing Hall County, Georgia.