But bankers say bricks-and-mortar branches are still important for a variety of reasons.
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
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.
Facebook has said it’s eyeing next year for the launch of Libra, which has drawn the ire of skeptical lawmakers, Federal Reserve Chairman Jerome Powell and President Donald Trump.
Delivering the central bank’s semiannual report to Congress, Federal Reserve Chairman Jerome Powell said that since Fed officials met last month, “uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook.”
Ball State University has vacated its Indianapolis Center at the corner of South Meridian and East Maryland streets, where it has been for 13 years. A bank that’s been embroiled in a legal battle with its landlord is making plans to move its downtown branch to the space.
Federal Reserve Chairman Jerome Powell said that the downside risks to the U.S. economy have increased recently, reinforcing the case among policy makers for somewhat lower interest rates.
In its statement Wednesday, the Fed removed a reference to being “patient” about adjusting rates. That suggested that the Fed is now inclined to begin cutting rates for the first time in more than a decade. It remains unclear when that might happen.
Economists say when—or even whether—the Fed eases credit this year will depend on a host of factors that are hard to predict.