The neobank is also benefiting from its product diversity.

CEO Scott Sanborn said it's unclear when demand from banks to buy the fintech's loans will return.

Figure, Oportun and Brex are among the fintechs that have dropped their applications for a banking charter.

While policymakers have warned lenders they will be on the lookout for potential fair lending violations, the lack of current rules means many companies are trying to determine best practices on their own.

The group represents the fourth class of startups in the history of the program and the first since the home lender's merger with New York Community Bank late last year.

Figure Technologies laid off 90 employees this week, or about 20% of its staff, while it's also interviewing bankers in advance of a planned initial public offering for its lending business next year, according to documents reviewed by Bloomberg.

If the Supreme Court strikes down CFPB regulations by ruling against the constitutionality of the agency's structure, technological innovation will be harder for banks to achieve as regulatory clarity moves further out of reach.

PeoplesBank in Massachusetts and others have developed digital brands that cater to younger customers' demands for smoother technology and mobile experiences.