Indiana-based banks didn’t cede PPP loans to big rivals
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.
Banks
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Banks set aside billions, bracing for more economic pain
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.
Banks snared in race conversation, confronted by bleak legacy
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.
Indiana banks sock away extra money for COVID-19-related loan losses
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.
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.
STAR Bank debuts Monument Circle office
The bank is leasing a three-story, 12,500-square-foot space at 46 Monument Circle that formerly housed employees of Indianapolis Monthly.
China readies cushion for virus shock when markets re-open
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.
Federal Reserve proposes letting banks invest in venture capital funds
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.
Fed’s Powell sees steady growth, signals pause in rate cuts
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.
Fed approves rules loosening Dodd-Frank bank restrictions
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.
Average overdraft fees steeper at banks than credit unions
The study found that the average credit union overdraft fee is nearly $10 less than that of large banks.
With trade war a threat, Federal Reserve set to cut rates again
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.
Banks fire up mortgage machines for expected refinancing boom
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 says Libra won’t launch until regulators satisfied
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.
Powell signals that rate cut could be coming soon
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’s downtown branch on the move; bank branch stepping in
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.
Powell reiterates stronger case for cut amid economic risks
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.
Fed leaves its key rate unchanged but hints of future cuts
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.
Fed likely to leave rates alone but signal readiness to cut
Economists say when—or even whether—the Fed eases credit this year will depend on a host of factors that are hard to predict.