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.
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.Read More
Banks say they’ll give commercial borrowers extra time
But the bankers also say it’s unclear how the pandemic might affect commercial customers—and the banks themselves—in the longer term.Read More
20 years after launch, nation’s first internet-only bank is on a roll
Fishers-based First Internet Bancorp has had strong double-digit percentage growth in recent years, while most banks are growing in the mid-single-digit range.Read More
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.
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.
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.
The Treasury Department will ramp up the size of the bonds and other securities it auctions across-the-board in the face of the unprecedented borrowing needs.
But bankers say bricks-and-mortar branches are still important for a variety of reasons.
Of the 20 banks issuing the most PPP loans to Indiana borrowers, 11 were headquartered in the state—many of which went to extraordinary lengths to extend as many loans as they could.
The results from JPMorgan Chase, Wells Fargo and Citigroup on Tuesday offer perhaps the broadest glimpse yet into how badly the pandemic is affecting the financial health of American consumers and businesses.
On the sidelines of protests, organizers are spreading the word about the role of banks in some of the worst chapters of U.S. history, from financing slaveholders to systemic discrimination in 20th century mortgage lending.
Amid the widespread economic disruption caused by the pandemic, banks have already granted payment deferrals of up to six months to a significant number of commercial and individual borrowers.
SBA temporarily stops taking PPP applications from big banks to focus until midnight on smallest lenders
For an eight-hour period that began at 4 p.m. Wednesday, the PPP loan application portal is being reserved only for the nation’s smallest lenders: those with assets of less than $1 billion.
China’s central bank announced plans Sunday to inject 1.2 trillion yuan (about $173 billion) into the economy to cushion the shock to financial markets from the outbreak of the new virus when trading resumes Monday.
The draft rule approved by the Federal Reserve would exempt venture capital funds from the Volcker Rule’s provision that bars banks from investing in hedge or private equity funds.
Federal Reserve Chairman Jerome Powell expressed optimism about the prospects for the U.S. economy and said he expects it will grow at a solid pace, though it still faces risks from slower growth overseas and trade tensions.
The Fed on Thursday approved a set of rule changes that implement legislation passed by Congress last year to loosen restrictions, particularly for smaller community banks, imposed by the Dodd-Frank Act passed in 2010.
The study found that the average credit union overdraft fee is nearly $10 less than that of large banks.
Several factors will influence the Fed’s decisions in the coming months on whether it needs to keep reducing borrowing rates to try to help sustain the U.S. economic expansion now in its 11th year.
The mortgage industry has added almost 5,000 employees since March. It’s a stark reversal from a year ago, when the Federal Reserve was hiking interest rates and banks were cutting thousands of jobs.