BankThink

The bank has been slashing expenses, but executives acknowledged they remain high. Between having to hire thousands of compliance employees and waiting on the next CEO to be named, investments in new technology or other long-term growth are limited.

The new funding comes as the challenger bank inches closer to gaining regulatory approval for a national bank charter.

Resistance to Libra on the Senate Banking Committee was bipartisan, and other takeaways from Tuesday’s hearing.

Members from states threatened by storms say their proposal is better for consumers than recent legislation passed by the House Financial Services Committee.

The company revealed its pretax losses for its forays into consumer and other digital banking services, which began in 2016 with the launch of a consumer deposit franchise and an installment loan product.