Treasury says Chinese hackers remotely accessed workstations, documents in ‘major’ cyber incident
The revelation comes as U.S. officials are continuing to grapple with the fallout of a massive Chinese cyber-espionage campaign known as Salt Typhoon.
Banking & Finance
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Q&A with First Internet Bank’s David Becker on apprenticeships as workforce training
Becker expects the bank’s apprenticeship program will gain momentum when changes to the high school diploma take effect, beginning with the class of 2029 (current eighth-graders).
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Civic leader, prominent attorney Robert H. McKinney dies at 98
McKinney’s name adorns the Indianapolis law school where he enrolled after World War II, and his presence has been felt throughout Indiana for more than 75 years, whether as an attorney, entrepreneur, banker, public servant, or civic leader.
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Carmel City Council OKs $19M TIF bond for Proscenium III project
Plans for the project call for 120 apartments, a 125-room high-end hotel, 63,000 square feet of office space, 15,000 square feet of retail space, 508 parking spaces and a public plaza.
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Auto insurance rates keep rising
For a variety of reasons, some related to the pandemic, auto insurance premiums have risen dramatically over the past few years.
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Articles
Marion County foreclosures on the rise, new report finds
Rising home prices and interest rates, higher insurance premiums and other factors are putting more homeowners under extreme pressure to keep up with payments, according to the report.
Average 30-year mortgage rate climbs to 6.85%, highest since July
While sales of previously occupied U.S. homes rose in November for the second straight month, the housing market remains in a slump and on track for its worst year since 1995.
Is the run of bank branch closures ending? Maybe.
Even in the era of online banking, banks say they still value the physical location, and several are making significant investments in expanding and improving their branch networks.
UPDATE: Japan’s Softbank plans to invest $100 billion in U.S. projects
Monday’s announcement comes days after Trump vowed to expedite federal permits for energy projects and other construction worth more than $1 billion.
Federal Reserve likely to slow rate cuts with inflation pressures still elevated
Americans hoping for lower borrowing costs for homes, credit cards and cars may be disappointed after this week’s Federal Reserve meeting.
State retirement oversight board removes BlackRock from portfolio for ESG violations
The board of the Indiana Public Retirement System unanimously voted to replace Black Rock as the provider of global inflation-linked bonds to the system.
Consumer protection agency finalizes rule limiting overdraft fees
The agency estimates the new rule would save consumers about $5 billion in annual overdraft fees, or $225 per household that typically experiences the fees.
National Bank of Indianapolis partners with New Direction Church on east-side effort
The National Bank of Indianapolis and New Direction Church announced a partnership that’s designed to support economic development and access to financial services along the East 38th Street corridor.
Morgan Stanley Smith Barney to pay $15M penalty to settle SEC charges
The penalty was part of a settlement with the Securities and Exchange Commission related to four financial advisers who stole millions of dollars of advisory clients’ and brokerage customers’ funds.
Bitcoin tops $100,000 as big rally sparked by election rolls on
The milestone came just hours after the President-elect said he intends to nominate cryptocurrency advocate Paul Atkins to be the next chair of the Securities and Exchange Commission.
Q&A: Allied Solutions CEO worked his way up over 35 years
Thirty-five years ago, following a career as a cryptologist in the U.S. Air Force and a stint running his own business, Pete Hilger joined the company his mother, Melissa Eldredge, founded in 1978.
Rebounding banks see tailwinds ahead
After a tough 2023, most publicly traded banks in the Hoosier state have seen at least a partial rebound in their stock prices this year.
Anderson-based credit union opening Martin University office
Anderson-based Lampco Federal Credit Union has formed a partnership with Martin University and plans to open a part-time office at the Indianapolis school within weeks. It’s part of Lampco’s broader push to gain members in Marion, Hamilton and Hancock counties.
Old National to acquire Minnesota bank in $1.4B deal
Wall Street appeared to welcome the deal. Shares of Evansville-based Old National were trading at $23.30 shortly after 11 a.m. Monday, up 7.6% from Friday’s closing price.
Trump, GOP eye new limits on Consumer Financial Protection Bureau
Aides on Trump’s transition team have started considering candidates to lead the CFPB who are expected to ease its oversight of banks, lenders and tech giants.
Chicago Fed president weighs in on interest rates in Indianapolis visit
Federal Reserve Bank of Chicago President Austan Goolsbee said he supports additional interest rate cuts—although he also said it’s difficult to determine the ideal rate.
U.S. economy should continue growing in 2025, economist says
The U.S. economy is strong and should continue to grow next year, Fifth Third Bank Chief Investment Strategist Tom Jalics said at IBJ’s 2025 Economic Forecast breakfast Thursday.
Powell says Fed will likely cut rates cautiously given persistent inflation pressures
After Powell’s cautious remarks Thursday, traders estimated the likelihood of a Federal Reserve rate cut in December at just below 59%, down from 83% a day earlier.
Bitcoin tops record high as part of crypto’s post-election rally
Analysts credit much of the recent gains to an anticipated “crypto-friendly” nature of the incoming Trump administration, which could translate into more regulatory clarity but also leeway.