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%.
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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.
Indianapolis startup bank Generations set to launch early next year with two retail locations
Generations is set to be Indiana’s first minority depository institution—and one of only 153 operating in the United States and its territories. But the bank will be open to anyone.
Fishers-based mortgage lender sues former employees for alleged breach of contract
The company alleges the two former employees signed an agreement that included a two-year noncompete clause as well as stipulations that they wouldn’t solicit customers on behalf of a competing company.
Wall Street sees major jump in profit, helped by soaring stock prices and dealmaking
Wall Street is having one of its best years in dealmaking in a long time. Initial public offerings are back, with several major companies going public this year.
AI jobs shock is coming and firms aren’t ready, financial CEO says
Klarna Group’s chief executive sees the AI boom spelling the end to what he calls “excess profits” in both the banking and software industries, as incumbents are overtaken by faster-moving challengers.