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.
Banks
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First Internet Bank’s acquisition deal with Georgia bank terminated
First Internet announced in November that it planned to acquire Georgia-based First Century Bank for about $80 million. But when it became necessary to extend the closing date, the parties couldn’t agree on extension terms.
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Got a dime? Businesses seek Treasury help with coin shortage
A group of trade associations that represent individual businesses including banks, retail outlets, truck stops, grocery stores and more is asking the Treasury Department for more help convincing Americans to get coins back in circulation.
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Chase to install solar panels on at least 17 area branches
The installations are happening at Chase branches across the United States, and each installation will provide 30% of that branch’s annual power needs, Chase spokeswoman Carlene Lule said.
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Indiana credit unions pursue growth by buying banks
The banking industry, which argues that credit unions’ tax-exempt status gives them an unfair edge, objects to the trend.
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Articles
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.
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.
The Freedom Forum podcast: Rafael Sanchez, Old National Bank exec
In this episode host, Angela B. Freeman talks with Sanchez about diversity, equity and inclusion from a unique and authentic vantage point as a Hispanic male executive in the banking and lending industry.
Banks are beefing up their loan-loss reserves
Banks aren’t reporting signs of trouble in their loan portfolios, but, at the same time, many that were reducing their reserves last year are now building them back up.
All big U.S. banks pass Fed’s annual ‘stress tests’
The tests vary from year to year, but generally involve the Fed testing to see how steep the losses in the banking industry would be if unemployment were to skyrocket and economic activity were to severely contract.
Anti-discriminatory bank law getting update for modern era
The three major U.S. banking regulators said Thursday they a plan to rewrite much of the outdated regulations tied to a decades-old banking law designed to encourage lending to the poor and racial minorities in the areas where banks have branches.
Old National Bank settles allegations of redlining against Black Indy residents
The bank was accused in a lawsuit earlier this year of providing disproportionately fewer mortgages to Black borrowers, closing branches in predominantly Black neighborhoods and giving Black people less information during the mortgage-application process.
Capital One drops all overdraft fees, latest bank to do so
A number other banks have announced this year—Ally Bank and regional banking giant PNC for example—that they would end overdraft fees or create programs that would greatly lower the chance a customer would get hit with an overdraft fees.
Technology, politics lead banks to rethink overdraft fees
The amount of money banks earn from overdraft fees has dropped significantly since 2019—and observers say that revenue might never rebound to pre-pandemic levels.
All big banks pass latest Federal Reserve ‘stress tests’
All 23 of the nation’s biggest banks are healthy enough to withstand a sudden economic catastrophe, the Federal Reserve said Thursday.
Ally Financial becomes first large bank to end all overdraft fees
The bank cited specifically the impact that overdraft fees have on Black and Latino households, which are historically poorer than their white counterparts and are hit with overdraft fees more often.
First Internet Bank beefs up small-business lending division with new hires
Fishers-based First Internet Bank began assembling its Small Business Administration lending division in late 2018.
Mickey Maurer steps down as chairman of National Bank of Indianapolis
Greg Maurer, who has served on the bank’s board since 2013, will take over as chairman.
Are cryptocurrencies on the verge of going mainstream?
The Office of the Comptroller of the Currency, which regulates federally chartered U.S. banks, has recently given banks the go-ahead to engage in certain types of cryptocurrency transactions.
Bank deposits soar as customers save instead of borrow
High levels of uncertainty, along with other pandemic-related factors, have pushed U.S. commercial bank deposits to record highs since the beginning of the year.
Study finds inequities in lending in majority-Black neighborhoods
Although redlining—discrimination in banking and lending based on someone’s race or where they live—has been illegal since the Fair Housing Act passed in 1968, analysts at Indiana University’s Public Policy Institute found that inequities in home-loan lending still exist.
Bank profits remain resilient despite lingering pandemic
The health of the banking sector is a proxy for the U.S. economy, since the banks’ fortunes largely rise or fall depending on whether borrowers are repaying their debts.
JPMorgan Chase to pay $920 million in illegal trading settlement
The settlement, the largest ever imposed for this type of fraudulent activity, known as spoofing, resolves investigations by the Justice Department, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Lucas White: Credit unions have unfair advantage over banks
In the past 80-plus years, however, credit unions have grown substantially in size and scope, bearing little resemblance to their forebears. Their current clientele often are affluent, and field-of-membership requirements have been stretched beyond recognition.