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.
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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.
AI tools allow startups to drastically reduce their initial costs
Artificial intelligence is making it less expensive to start and operate a company—and potentially reducing these startups’ reliance on venture funding.
Carmel-based Spektrum Labs secures $10M seed round
Local tech entrepreneur J.J. Thompson, who sold his previous tech firm, Rook Security, in 2019, is at it again with a new startup, Spektrum Labs.
UPDATE: Jack’s Donuts businesses file for bankruptcy protection
Three related businesses operated by Jack’s Donuts owner and CEO Jack “Lee” Marcum III have filed Chapter 11 petitions, listing total liabilities of more than $20 million and assets of less than $1.6 million.
Banks, retailers run short on pennies after US Mint stops making them
Not one retailer or bank has called for the penny to stick around, but the abrupt decision to get rid of them came with no guidance from the government.
Federal Reserve cuts key rate, yet Powell says future reductions are not locked in
Chair Jerome Powell said in a news conference that another rate cut in December was “not a foregone conclusion.”
Trump administration narrows list of potential Federal Reserve chairs to 5
The names suggest that no matter who is picked, there will likely be big changes coming to the Federal Reserve next year.
Huntington Bancshares buying Cadence Bank in $7.4B all-stock deal
Super regional financial companies like Huntington have been growing considerably in recent years in order to better compete with the Wall Street titans in various businesses.
US home sales accelerated in September to their fastest pace since February
Mortgage rates started declining in July in the lead-up to the Federal Reserve’s decision last month to cut its main interest rate for the first time in a year amid growing concern over the U.S. job market.