Ren, an Indianapolis-based financial technology firm, says it received an investment of between $75 million and $300 million from a fund associated with Boston-based Bain Capital. It’s the first outside funding Ren has taken in its 36-year history.
Many analysts believe margins hit bottom in the second quarter, and they’re forecasting a recovery in the second half. Others are less optimistic.
Driving last quarter’s growth was a burst of business investment, which surged at a 5.7% annual pace, the fastest rate since late 2021.
In raising the benchmark short-term interest rate to its highest level since 2001, the Fed provided little guidance about when—or whether—it might hike rates again.
A study by the New York Federal Reserve has found that 14% of applicants for auto loans were rejected over the past year—the highest such proportion since the New York Fed began tracking the figure in 2013.
The rebound in IPOs is being fueled by a stock market rally that has the S&P 500 up about 19% so far this year, a sharp reversal from last year’s 19.4% loss.
The Federal Reserve launched a new instant payment service Thursday. FedNow allows banks and credit unions to sign up to send real-time payments so they can offer customers a quicker way to send money between banks.
Starting this summer, millions of Americans with student loans will be able to enroll in a new repayment plan that offers some of the most lenient terms ever.
Bank of America must reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.
Conference rooms are being reserved and snacks stockpiled as participants in the $5.5 trillion space await the U.S. Securities and Exchange Commission’s vote Wednesday on rules reshaping the money-market industry for the third time since 2008.
The Indianapolis Motor Speedway open casting call represents the first step toward making an on-air “Shark Tank” pitch.
The report criticizes lenders, many of which are headquartered out of state, for taking money out of local economies and luring Hoosiers into “a debt trap.”
The court held that the administration needs Congress’ endorsement before undertaking so costly a program.
Such proposals are likely to face resistance from the banking industry and some congressional Republicans, who argue that the Fed had the necessary tools to prevent the bank collapses but failed to use them.
The Fed’s report issued Wednesday did show some relative weakness among the midsize banks and “super regional” banks, with some getting a passing grade with a smaller cushion than usual. Those results could raise eyebrows among investors and policymakers.
All told, U.S. homeowners with a mortgage lost a combined $108.4 billion in home equity between the first quarter of last year and the first three months of 2023.
The Consumer Financial Protection Bureau issued a consent order last week against Fishers-based Phoenix Financial Services over alleged violations of federal debt-collection and credit-reporting laws.
An emerging pullback should be welcome news for the Federal Reserve, which has been taking aggressive steps for more than a year to slow the economy enough to bring down inflation.
The SEC filed lawsuits last week against the world’s biggest cryptocurrency exchanges, Binance and Coinbase, deepening tensions between the government and a volatile industry that has been marred by scandals and market meltdowns.
The S&P 500 is now in what Wall Street refers to as a bull market, meaning the index has risen 20% or more from its most recent low. Here are some answers to questions about bull and bear markets.
