Square

Longtime finance entrepreneur Jackie Reses, who led Square Capital for the last five years, is leaving the company at the end of the month. Square has not yet named a successor.

The e-commerce leader’s return to the drawing board alleviates immediate concerns about its banking plans. But the company intends to reapply, and it will be harder for the industry to persuade policymakers to block industrial loan companies more broadly.

Two trade organizations and a consumer group urged lawmakers to establish a three-year moratorium to block the charter bids of companies that they said were attempting to skirt regulatory requirements.

Small banks have long led the campaign against industrial loan companies, arguing they can be used to violate the separation of banking and commerce. But now the industry’s heavyweights are also taking a hard line in response to an FDIC proposal that would give tech companies a smoother path into the lending business.

Markus Braun turned himself in to Munich prosecutors, who arrested him on suspicion of false accounting and market manipulation; the Wirecard fallout may make it harder for European fintechs to attract investors.