The Federal Reserve is set Wednesday to modestly raise its key short-term interest rate for the second time this year. But attention will be focused on any hints the Fed might accelerate its hikes in the coming months.
The U.S. attorney's office says five central Indiana residents and one man from Detroit took more than $8 million from a bank and an insurance company, in part to pay for a home, a wedding, cars and more.
The potential $1 billion fine would be largest ever imposed by the Office of the Comptroller of the Currency, the bank's main national regulator, and the Consumer Financial Protection Bureau, the federal watchdog bureau.
Federal Reserve officials signaled rising confidence last month that a strong economy will lift inflation closer to its 2 percent target and that they may accelerate the Fed's pace of interest rate hikes as a result.