The real fight at the White House was outside the octagon
The coming mixed-martial-arts fight on the White House lawn is bound to get a lot of attention, but a far more consequential heavyweight fight between President Trump and former Fed Chair Jerome Powell has already been decided.
Bank asset thresholds are warping America’s financial system
Arbitrary financial regulation “cliffs,” such as the one imposed by the Durbin Amendment, create incentives that distort decision making. Congress should step in and reform the various measures that rely on such imprecise triggers.
Aspiration Partners and the credulity of private credit
A private-credit fund got suckered into the Aspiration Partners fraud; is that an ‘it could have happened to anybody,’ or a sign that the industry has low standards?
Ready or not, bank examination is changing for good
A proposal from the Federal Financial Institutions Examination Council to reshape the CAMELS rating system, which, combined with other related policy moves, are teeing up a sea change in the way banks and their federal supervisors go about their respective businesses.
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.