Here’s how higher Fed rates stand to affect Americans’ finances
Economists and investors foresee the fastest pace of Federal Reserve rate increases since 1989. The result could be much higher borrowing costs for households well into the future.
Loans
Articles
West Virginia-based WesBanco entering Indianapolis market
WesBanco, a mid-sized bank based in Wheeling, West Virginia, said it has hired two people so far to staff a new loan production office in Indianapolis that will focus on both commercial and mortgage lending.
Mortgage rates soar to their highest levels in 11 years
Meanwhile, mortgage applications fell again last week. The market composite index, a measure of total loan application volume, decreased 1.3% from a week earlier, according to Mortgage Bankers Association data.
Small businesses in need of loans find stingier lending landscape
Only about 30% of businesses that applied for financing last year got the full amount that they asked for, down from about half in 2019.
Here’s how higher interest rates will affect Americans’ finances
With inflation raging at four-decade highs, economists and investors expect the central bank to enact the fastest pace of rate hikes since 2005. That would mean higher borrowing rates well into the future.
Justice Department reports more than $8B in alleged fraud tied to federal COVID aid programs
In some of the cases, suspects wrongfully obtained federal loans to bolster companies that didn’t actually exist. In others, large, transnational crime syndicates stole workers’ identities to receive generous unemployment benefits under someone else’s name.
Jasper-based German American Bank set to enter Indianapolis market
German American, which has 78 locations in 33 Indiana and Kentucky counties, said it plans to open a loan production office in Greenwood this quarter. It will be the bank’s first physical presence in this market.
Loan defaults at record lows, despite impact of pandemic
Indiana bankers cite federal COVID-19 relief measures as a big reason—but not the only one.
City sets up first Black-led community development loan fund
Indianapolis is making preparations for its first Black-led Community Development Financial Institution, which will aim to offer businesses in economically disadvantaged communities access to capital and other help.
Defendants found guilty on all charges in Banc-Serv fraud trial
The five former directors and employees of the now-defunct Westfield firm were found guilty on fraud and conspiracy charges. Prosecutors say the five submitted false information in order to get more than $10 million in ineligible loans approved by the Small Business Administration.
Consumer borrowing sees record one-month surge
Federal Reserve officials said the $35.3 billion seasonally adjusted increase in May was the largest one-month gain on records that go back to 1943.
Congress repeals Trump-era regulations on payday lenders
Congress on Thursday overturned a set of regulations enacted in the final days of the Trump administration that effectively allowed payday lenders to avoid state laws capping interest rates.
Renew Indianapolis expands loan program into Hamilton County
The program, Build Fund, helps small businesses that are not ready for traditional bank loans receive affordable funding.
Saved by online lenders, businesses say they’ll borrow again
Loans from online lenders saved thousands of small business owners who were unable to get COVID-19 relief loans from big traditional lenders. Now, encouraged by getting applications processed within days rather than weeks, these owners are becoming repeat customers.
U.S. consumer borrowing posts another strong showing in March
U.S. consumer borrowing rose by a strong $25.8 billion in March, the second-straight month of sizable gains.
Small business COVID-19 relief program runs out of money
As of Sunday, the Paycheck Protection Program had given out nearly 10.8 million loans worth more than $780 billion since April of last year.
Steak n Shake’s lenders say restaurant chain still owes millions
The Indianapolis-based company has declared itself debt-free, but the lenders say they’re owed more than $8.5 million.
IMF upgrades forecast for 2021 global growth to record 6%
The rollout of COVID-19 vaccines and vast sums of government aid will accelerate global economic growth to a record high this year in a powerful rebound from the pandemic recession, the International Monetary Fund says in its latest forecast.
U.S. consumers eased off credit card borrowing in January
Consumer borrowing is closely watched for indications about Americans’ willingness to take on more debt to finance their spending, which accounts for two-thirds of U.S. economic activity.
Auto dealer financing firm in Carmel gets fast start
A veteran of a specialty auto-industry sector called floor-plan financing has launched a lending company that promises independent car dealers funding wherever they buy vehicles.