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.

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.