Fed officials say more than 200 banks have signed up to participate since the program began two weeks ago, but that’s a small slice of the nation’s roughly 5,000 lenders. None have made any loans yet.
The announcement of the easing of regulations know as the “Volcker Rule” gave an immediate boost to bank stocks because the rule change could free up billions of dollars in capital in the banking industry.
The Indy Arts & Culture Restart & Resilience Fund, underwritten by Lilly Endowment Inc., will provide eligible entities with one-time grants ranging from $5,000 to $500,000.
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.
The Federal Reserve is expanding the range of companies that will qualify for its soon-to-begin Main Street Lending Program, in which the Fed will lend directly to individual companies for the first time since the Great Depression.
The Trump administration is fighting a class-action lawsuit for continuing to garnish the wages of defaulted borrowers in violation of a federal order.
The Indianapolis-based maker of oils, lubricants and fuels was among the nation’s largest recipients of Paycheck Protection Program loans, which for the most part were intended for small businesses.
Utilities fared the worst of all sectors, with less than a quarter of small businesses in that sector getting loans, according to the survey.
The sporting and recreational equipment manufacturer said it repaid its loan to comply with a rule change in the Paycheck Protection Program.
The banks approved 35,990 individual loans for companies and organizations in Indiana before the program ran out of money.
Millions of small businesses are expected to apply for a desperately needed rescue loan Friday, a stern test for a banking industry that has had less than a week to prepare.
Carmel-based auto finance company Coastal Credit LLC plans to end operations and terminate all of its employees by the middle of this year, the company said in a letter to the state.
But the bankers also say it’s unclear how the pandemic might affect commercial customers—and the banks themselves—in the longer term.
The central bank said the effects of the outbreak will weigh on economic activity in the near term and pose risks to the economic outlook.
The Kentucky Republican introduced federal legislation late Monday that would allow students to dip into retirement accounts to help pay for college or make monthly debt payments.
Between the EPA loan and funding from the Indiana State Revolving Fund, more than $900 million will be invested in 28 projects. Indianapolis is the biggest beneficiary.
Consumer borrowing increased at a solid pace in August, helped by the biggest jump in auto and student loans in three years.
Analysts from the personal finance web site WalletHub used data from the U.S. Census Bureau, the Federal Reserve and TransUnion to see how each state is faring when it comes to credit card debt.
According to the complaint, First Merchants “engaged in unlawful redlining in Indianapolis by intentionally avoiding predominantly African-American neighborhoods because of the race of the people living in those neighborhoods.”
The Federal Reserve signaled that no rate hikes are likely in coming months amid signs of renewed economic health but unusually low inflation.
