Venture capital

In another rollback of the bank trading ban, the federal agencies unveiled a plan to allow financial institutions to invest in multiple companies through certain fund structures.

Ludwig, a former regulator and CEO of Promontory Financial, and Mahan, the head of Live Oak Bancshares, say they want to back tech startups that support community banks. The ABA and ICBA are among the fund's investors.

The San Francisco-based Ripple, which launched in 2012, will use the funding to add personnel to its global organization and enrich its services that power payments using blockchain technology with its XRP platform.

The new CEO is the first outsider to head the scandal-ridden bank in decades; Facebook CEO faces the House Financial Services Committee on Wednesday to discuss Libra.

The U.K.-based fintech says that a recent crowdfunding campaign shows demand for its product, even though the amount it raised is well below funds obtained from VCs.

The company will use the funds to increase research and development efforts as well as expand its global presence.

The bank helped raise $25 million for the fintech because of its potential to bring banks and nonbanks together in a virtual marketplace.

Farmers will pay $40 million for the bank, which is in an affluent area in northeast Ohio.

Traditional players are getting innovative, and upstarts are becoming more sophisticated. The survivors will be companies that offer consumers an array of easy-to-use services, a venture capitalist says.

Blooma has developed a software product that combs databases to create property profiles for commercial real estate lenders. It can drastically cut origination costs and approval times and help banks identify safer loans, the company says.