Profits at big U.S. banks show few signs of industry distress
The nation’s largest banks appear to be doing just fine despite a pair of historical bank failures last month that put the nation’s banking industry into crisis mode.
Banking & Finance
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Small business owners feel growing credit crunch
Small businesses are seeing the already-tough process of getting business loans get even tougher. They say they’re getting rejected for loans or seeing more unfavorable terms, meaning some plans for expansion are being put on hold.
Council committee OKs financing for affordable, workforce housing projects
Two projects—one in the International Marketplace and another on the north side of Indianapolis—have been approved for financing by the City-County Council’s Metropolitan and Economic Development Committee.
UPDATE: Employee kills five in Louisville bank building
Police arrived as shots were still being fired inside Old National Bank and killed the shooter in an exchange of gunfire, Louisville Metro Police Department Chief Jacquelyn Gwinn-Villaroel said.
It’s big vs. small as banks square off to avoid new rules after failures
U.S. banks are pitted against each other as regulators move to strengthen oversight after a series of failures undermined confidence in the financial system.
International Monetary Fund expects less than 3% global economic growth in 2023
International Monetary Fund chief Kristalina Georgieva said the period of slower economic activity will be prolonged, with the next five years of growth remaining around 3%
New IRS leader promises faster, easier tax filing process
Commissioner Danny Werfel delivered a tax-season pledge Tuesday that the agency will use an $80 billion infusion of cash to become faster, more tech-savvy and provide “real-world improvements” to taxpayers.
Chase exec Al Smith set to retire after six decades in banking
Smith, 82, will be wrapping up a 59-year banking career when he retires in May. He has spent his entire career working for banks that are now part of J.P. Morgan Chase & Co.
Zionsville-based life sciences company secures $6M in investment funding
GeniPhys has developed a material known as Collymer, a highly-purified form of collagen that can be used to replace tissue that is lost in wounds and also forms “stable, fibrillar collagen scaffolds” that can help rebuild lost tissue.
Fed official: Bank rules under review in wake of SVB failure
Michael Barr, the nation’s top banking regulator, said during a Senate Banking Committee hearing that the Federal Reserve is considering whether stronger bank rules are needed to prevent a similar bank failure in the future.
Troubled Silicon Valley Bank to be acquired by First Citizens
While more than half of Silicon Valley’s assets will remain in U.S. receivership, the First Citizens deal announced late Sunday, at least initially, seemed to achieve what regulators have sought: a shoring up of trust in U.S. regional banks.
Banking upheaval presents opportunity
The failures of both Silicon Valley Bank and Signature Bank earlier this month mean venture investors and startups in Indiana and elsewhere are rethinking how and where they bank.
Indianapolis-based angel investor group eyeing ‘record year’ in 2023, executive director says
VisionTech, a group of more than 130 investors, has so far this year made seven investments totaling $1 million. In comparison, the group made a total of 16 investments totaling $2.4 million in all of 2022.
Fed’s unwanted ally in bid to tame inflation: Credit crunch
Signs of a possible credit crunch in the United States had begun to emerge even before Silicon Valley Bank collapsed on March 10, raising worries about the stability of the financial system.
Survey: Americans’ faith in banks low after failures
The underwhelming assessment of America’s banks and bank regulation comes after a series of shocks brought back disturbing memories of the 2008-2009 financial crisis.
Fed raises key rate by quarter-point despite bank turmoil
The Fed warned that the financial upheaval stemming from the collapse of two major banks is “likely to result in tighter credit conditions” and “weigh on economic activity, hiring and inflation.”
Fed facing blurrier outlook as it meets to weigh rate hike
The Federal Reserve will have to decide whether to extend its year-long streak of rate hikes despite the jitters roiling the financial industry.
Army of lobbyists helped water down banking regulations
Former Sen. Joe Donnelly of Indiana was among the top Senate recipients of money from the banking industry during the 2018 campaign season when he served on a group that successfully pushed for easing banking oversight.
Indiana pension system contracts with conservative anti-ESG firm
The contract with anti-ESG firm Strive Advisory, LLC and its co-founder Vivek Ram is capped at $150,000 — with conservative Republican presidential candidate Ramaswamy set to earn $4,000 per hour for ad hoc work.
Indiana pension fund ‘monitoring’ Silicon Valley Bank developments
The Indiana pension system is keeping a close eye on its investment in a debt fund managed SVB Capital, a venture capital firm that is a subsidiary of Silicon Valley Bank’s parent company but separate from the bank itself.