Fed facing blurrier outlook as it meets to weigh rate hike
The Federal Reserve will have to decide whether to extend its year-long streak of rate hikes despite the jitters roiling the financial industry.
Banking & Finance
Articles
Army of lobbyists helped water down banking regulations
Former Sen. Joe Donnelly of Indiana was among the top Senate recipients of money from the banking industry during the 2018 campaign season when he served on a group that successfully pushed for easing banking oversight.
Indiana pension system contracts with conservative anti-ESG firm
The contract with anti-ESG firm Strive Advisory, LLC and its co-founder Vivek Ram is capped at $150,000 — with conservative Republican presidential candidate Ramaswamy set to earn $4,000 per hour for ad hoc work.
Indiana pension fund ‘monitoring’ Silicon Valley Bank developments
The Indiana pension system is keeping a close eye on its investment in a debt fund managed SVB Capital, a venture capital firm that is a subsidiary of Silicon Valley Bank’s parent company but separate from the bank itself.
New York Community Bank to buy failed Signature Bank
The 40 branches of Signature Bank will become Flagstar Bank, starting Monday. Flagstar is one of New York Community Bank’s subsidiaries. The deal will include the purchase of $38.4 billion in Signature Bank’s assets.
Parent company of Silicon Valley Bank files for bankruptcy
The filing from SVB Financial Group was widely expected, with much of the company now under the control of banking regulators. The bank was seized last week by the federal government.
Big banks create $30B rescue package for First Republic
Eleven of the biggest U.S. banks Thursday announced a $30 billion rescue package for First Republic Bank in an effort to prevent it from becoming the third bank to fail in less than a week and head off a broader banking crisis.
Fed lent $300B in emergency funds to banks in past week
Nearly half the money—$143 billion—went to holding companies for two major banks that failed over the past week, Silicon Valley Bank and Signature Bank, triggering widespread alarm in financial markets.
Is your money safe? What you need to know about bank failures.
The recent failures of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, might have you worried about your money. After all, they were the second- and third-biggest bank failures in U.S. history.
Local software startup Elate lands $4.9M VC investment
Indianapolis-based Elate was founded in 2019 by two former coworkers at another local software firm, Springbuk. Elate offers a platform to help organizations develop and execute their strategic plans.
Wilshaw developer admits withholding info about SEC troubles
Town of Speedway officials and residents on Monday night learned a development firm involved in its long-delayed $36 million Wilshaw hotel project purposely withheld details of a settlement reached last year with federal securities regulators.
Government races to reassure U.S. that banking system is safe
In response to the crisis, regulators guaranteed all deposits at the two failed banks and created a program that effectively threw a lifeline to other banks to shield them from a run on deposits.
Fed’s battle plan for inflation shredded by financial turmoil
The worry is the collapse of SVB and Signature Bank are just the start of a longer list of casualties from the Fed’s shift to the highest rates since policymakers began slashing borrowing costs in 2007.
Biden tells U.S. to have confidence in banks after two collapse
President Joe Biden insisted Monday that the nation’s banking system was safe, seeking to project calm after the collapse of two banks stirred fears of a broader upheaval and prompted regulators to offer emergency loans to banks to stave off additional failures.
Speedway’s Wilshaw project facing more delays after developer fails to disclose SEC trouble
Town of Speedway leaders are pumping the brakes on a proposed $2.5 million loan to help pay for the long-delayed Wilshaw hotel project after learning that one of the companies involved wasn’t forthcoming about federal fines for past business dealings.
U.S. government moves to stop potential banking crisis
In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday.
In volatile economy, customers clamor for CDs as interest rates rise
The run was precipitated by the Federal Reserve’s boosting its benchmark federal funds rate seven times last year, taking it from near 0% to a range of 4.25% to 4.5% in an effort to reduce inflation.
Silicon Valley Bank seized by FDIC as depositors pull cash
The bank failed after depositors—mostly technology workers and venture capital-backed companies—began withdrawing their money and created a run on the bank.
Indianapolis-based Sanctuary Wealth ousts CEO, but won’t say why
Ousted CEO Jim Dickson founded Sanctuary in 2018 after the firm acquired Indianapolis-based David A. Noyes & Co., which in 2020 changed its name to Sanctuary Securities Inc.
Bank sues to block Biden’s pause on student loan payments
SoFi Bank argues the moratorium has no legal basis and has cost the bank, known for its refinancing business, millions of dollars in profits.