PNC Bank to close one of its downtown branches
In a letter to customers, PNC said it plans to close the branch in mid-August while leaving its other downtown branch open.
Banking & Finance
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Federal Reserve officials split over what to do next to fight inflation
The stubbornness of high inflation is dividing the Federal Reserve over how to manage interest rates, leaving the outlook for the Fed’s policies cloudier than at any time since it unleashed a streak of 10 straight rate hikes.
Cummins filtration business targets $341M in IPO
In April 2022, Cummins announced plans to spin off the business, then known as Cummins Filtration, which provides filtration products for trucks, off-highway industrial equipment and power generation systems.
Indianapolis VC firm Ivy Ventures launches with $20M fund
Local entrepreneur and general partner Scott Kraege co-founded Ivy Ventures with Mike Reynolds, CEO of Indianapolis-based Innovatemap, and John Wortman, CEO and co-founder of Carmel-based Valeo Financial Advisors LLC.
Banks report tougher credit standards in wake of failures
A Federal Reserve report shows that banks raised their lending standards for business and consumer loans in the aftermath of three large bank failures. It’s a trend that could slow the economy in coming months.
Yellen: ‘No good options’ if Congress fails to act on debt
Treasury Secretary Janet Yellen’s comments added even more urgency to a high-stakes meeting Tuesday between President Joe Biden and congressional leaders from both parties.
As Fed examines banking woes, small businesses already feel the crunch
All over the country, small-business owners are feeling the early consequences of this spring’s banking crisis, which spanned two chaotic weeks in March and is still ricocheting through the economy.
FDIC recommends raising insured deposit limit for businesses
U.S. businesses might be able to secure bank deposit insurance for accounts holding more than $250,000 if Congress agrees with the Federal Deposit Insurance Corp.’s new proposal.
Fed set to raise rates yet again. What comes next is unclear.
Another quarter-point rate increase on Wednesday would leave the Fed’s key rate at 5.1%—a 16-year high and a full 5 percentage points higher than in March 2022.
IBJ Podcast: Pete the Planner on death, divorce and other edgy questions in personal finance
In this 250th episode of the IBJ Podcast, Peter “Pete the Planner” Dunn answers some of the most sensitive questions in personal finance.
Banks paying savers again after years of low rates
Banks were initially slow to raise their payouts as the Fed raised rates because they were awash in deposits. But those deposits have shrunk over the past year because inflation forced consumers and businesses to dip into their savings.
Average income tax refund smaller than last year’s
The filing deadline for most taxpayers is Tuesday, though it has been extended for parts of Indiana, California, Alabama, Georgia, New York, Tennessee, Arkansas and Mississippi that were hard hit by severe weather.
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.
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.