PayPal applies to form its own bank to expand small-business lending
PayPal has provided $30 billion in loans to more than 420,000 businesses worldwide since 2013, according to the company.
Banking & Finance
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IBJ Podcast: Pete the Planner on whether buying a home is always a smart investment
It’s not at all necessary to get started right away, and there’s a navigable path for renters in the 40s to end up in a very comfortable situation by retirement.
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IBJ Podcast: ‘It all comes back to relationships,’ says banker turned small-biz owner
Something was missing from her career as a commercial lender, and Cindy Schum found it in a small firm that sold janitorial and cleaning supplies. After early trepidation, she realized she already had the key to entrepreneurship.
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Q&A with Mike Schrage: For Centier Bank CEO, focus is on serving communities
Schrage, now 77, sat down to talk with IBJ about his 53-year tenure with Centier Bank, the future of the company, his philosophy on leadership and his love of reading.
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Will Indiana join a wave of states offering new retirement savings option?
According to the U.S. Bureau of Labor Statistics, 30% of private-sector workers do not have access to a defined-contribution retirement plan through their employer.
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Articles
Roomba maker iRobot files for bankruptcy protection
IRobot, which became well known for its robotic vacuums, has struggled of late, dealing with increased competition, layoffs and a declining stock price.
Carmel man faces 2 federal charges in complex fraud case
Jordan Chirico is facing both criminal charges and civil litigation over his alleged connections to what authorities describe as a $200-million-plus Ponzi scheme.
AI data center boom sparks fears of glut amid lending frenzy
The broader AI universe has also been caught up in the worries, with circular deals and soaring valuations taking a toll on the bullish sentiment that once dominated.
Federal Reserve cuts key rate but signals higher bar for future reductions
Wednesday’s cut reduced the Fed’s key interest rate by a quarter-point, to about 3.6%, the lowest it has been in nearly three years.
Longtime Old National exec Jim Sandgren to retire
Jim Sandgren has been with Indiana-based Old National since 1992 and currently leads the bank’s commercial lending operations.
Bankers bet big on 2026 after underwriting $65B in deals
Dealmakers are banking on markets remaining calm enough to sell on those commitments to investors.
Dells donate $6.25B to encourage families to claim ‘Trump Accounts’
The historic gift has little precedent, with few single charitable commitments in the past 25 years exceeding $1 billion, much less multiple billions.
Mom-and-pop business bankruptcies hit record as debts rise
More than 2,200 people and small firms filed bankruptcy this year under the so-called Subchapter V rules, which make it cheaper and faster to win relief from creditors.
Bitcoin dips below $85,000 in cryptocurrency rout
Bitcoin and companies tied to cryptocurrencies extended a nearly two-month swoon Monday, tracking with a broader market sell-off in technology companies that many see as overvalued.
First Internet Bank finds small business is big business
With $5.6 billion in assets, Fishers-based First Internet Bank might best be described as modest in size. But in the world of small business lending, it’s among the nation’s powerhouses.
Federal agency boosts size of single-family loans government can guarantee to $832,750
The Federal Housing Finance Agency adjusts the limits of a confirming loan annually to reflect changes in U.S. home values, which have been rising this year.
IPO market’s red-hot year has been cooled by the shutdown and more caution among investors
The S&P 500 is still up more than 12% for the year and the tech-heavy Nasdaq is up more than 15%.
Baker Hill opens California office, plans to upgrade Carmel HQ
The Carmel-based fintech company says the Santa Barbara office—the first of several planned over the coming years—allows customers to conveniently connect for training sessions or collaborative work.
Federal Reserve releases new guidance for bank oversight in move praised by industry
Michelle Bowman, the Fed’s vice chair for supervision, said the principles will “sharpen” the central bank’s focus and build “a more effective supervisory framework.”
Lawsuit accuses Indianapolis-based payment-processing firm of consumer deception
The suit alleges the business uses a deceptive collection process that includes charging customers undisclosed, variable “convenience fees” whenever they pay utility bills.
IRS boosts contribution limits for 401(k) retirement plan savers
The changes, among others announced by the IRS, make it easier for retirement savers to set aside more of their income toward building their nest egg.
White House’s 50-year mortgage proposal has one notable benefit, but some drawbacks
The White House says it is considering backing a 50-year mortgage to help alleviate the home affordability crisis in the country. But the announcement drew immediate criticism.
Indianapolis-based Oak Street Funding adds $500M to loan portfolio
Oak Street, a specialty lender focused on the financial services sector, is picking up a portion of the loans acquired by its corporate parent, First Financial Bank, in a recent acquisition.
Visa, Mastercard reach settlement in 20-year merchant legal feud
Total credit and debit card swipe fees hit a record $187.2 billion last year, according to the trade group the Merchant Payments Coalition.