Ramp raises $750 million, plans AI spending software
The corporate finance fintech now has a $44 billion valuation and is building out an AI token spend management offering for its 7,000-plus enterprise customers.
FHA commissioner Frank Cassidy resigns from post
The announcement follows a leave of absence in which Ginnie Mae President Joe Gormley helped cover the Federal Housing Admission Commissioner’s responsibilities.
Tennessee remittance tax adds to Trump’s immigration crackdown
The bill imposes a $10 fee on transactions under $500 with an additional 2% fee for transactions exceeding that threshold. It comes amid continued pressure from the Trump Administration, which has been pressing states to enforce its restrictive immigration policies and mass deportations.
First Federal Bank sells third-party mortgage origination unit
A credit union service organization is buying the division, which includes mortgage services provider QRL, while the seller repositions its home loan business.
Former UBS fund sues law firm Pillsbury over Aspiration fraud
The suit tests an unusual theory: that a borrower’s lawyer crossed from representing a client into joining a $145 million fraud.
When sports gambling gets legalized, delinquency rates rise
Research from the New York Fed suggests that the legalization of sports betting has important implications for consumer lenders.
Provident Bank names new chief wealth officer
New Jersey-based Provident Bank promoted Annamaria Vitelli to chief wealth officer and president of the bank’s wealth management subsidiary; U.S. Bancorp completed its acquisition of the global investment bank BTIG on June 1; Centier Bank has been honored with the Indiana Bankers Association’s Commitment to Community Award; and more in this weeks banking news roundup.
Rate cuts further dimmed with positive employment report
The Bureau of Labor Statistics Friday reported that the economy added 172,000 jobs in May and revised March and April’s employment upwards, making the Federal Reserve less likely to cut interest rates to support the labor market in the near term.
What banks can get from The Clearing House’s token initiative
As more banks pursue tokenized deposits, TCH is enabling clearing and settlement for transactions between institutions.
Regulators issue guidance on detecting illicit payrolls
The joint advisory by the Financial Crimes Enforcement Network, banking agencies and the Internal Revenue Service issued guidance for banks to detect unauthorized employment schemes as part of the administration’s broader immigration crackdown.