Powell: Fed wants ‘more good inflation readings’ before it cuts rates
Federal Reserve Chair Jerome Powell said the economy’s strength means the Fed isn’t under pressure to cut rates and can wait to see how the inflation numbers come in.
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Startup founder’s gesture surprises Chase employee
Hetal Retail, an early-stage software developer based in New York City, has an unusual connection to the Hoosier state—its name was selected in part to honor the Indianapolis bank employee who helped the company get off the ground.
Former Carmel investment adviser sentenced to 4 years in $4.7M embezzlement scheme
Instead of investing his victim’s money, the plea agreement says, Christopher Turean spent it on gambling and paying down a home equity loan.
Visa, Mastercard reach $30 billion swipe-fee deal with merchants
In recent years, merchants have grown increasingly vocal about their opposition to credit card fees, which typically amount to about 2% of a purchase and totaled more than $100 billion last year.
IBJ Podcast: Ball State hoops star turned bank CEO talks leadership tips, that UNLV game and making moves
Mark Hardwick’s journey as a distinguished Ball State alum continues. He was a key player during the Cardinals’ run of NCAA and NIT appearances, and now he’s CEO of fast-growing First Merchants Bank after nearly 20 years as CFO.
Powell might provide hints of whether Federal Reserve is edging close to rate cuts
A key question for Federal Reserve Chair Jerome Powell and the 18 other officials on the Fed’s interest-rate-setting committee is how—or whether—recent inflation figures have altered their timetable for cutting rates.
Retailer Joann files for Chapter 11 bankruptcy protection
The fabrics and crafts retailer, which has five Indianapolis-area stores, will become privately owned after emerging from Chapter 11 bankruptcy protection.
Elanco digs in for fight with activist investor
Ancora Holdings Inc. is pushing for a shakeup in leadership at he Greenfield-based animal health company, which it accuses of delivering poor margins, sluggish product commercialization, negative shareholder returns and poor governance policies.
Indianapolis financial advisory team leaves Stifel for Sanctuary Wealth
In an unusual about-face, two veteran Stifel advisers who were expected to be part of the newly formed M&K Legacy Wealth team at Sanctuary called off the move just days after the founding was announced.
Bitcoin briefly hits an all-time high, two years after FTX scandal clobbered crypto
The world’s largest cryptocurrency jumped 4% this week and briefly surpassed $68,800 Tuesday, according to CoinMarketCap.
New $29M Legend Fund aims to provide more capital to Indiana small businesses
The IEDC said the Legend Fund will give non-traditional lenders an incentive to provide operating capital to Indiana-based businesses. Eligible lenders could have a portion of the loans they issue purchased by the IEDC, freeing up capital to support more entrepreneurs and small businesses.
U.S. facing legal fight over plan to cap credit-card late fees at $8
The U.S. Chamber of Commerce said it will file a lawsuit to try to prevent the federal agency from capping late fees.
Federal Reserve officials worried that progress on inflation could stall
In minutes from the Jan. 30-31 meeting released Wednesday, most Fed officials said they were worried about moving too fast to cut their benchmark interest rate before it was clear that inflation was sustainably returning to their 2% target.
National Bank of Indianapolis co-founder Morrie Maurer dies at 72
Under Maurer’s leadership, The National Bank of Indianapolis grew into the largest locally-owned bank headquartered in Indianapolis. It ranks among the 10 largest banks operating in central Indiana.
Banking contracts bill squeaks by in Indiana Senate vote
A bill allowing financial institutions to change contract terms on customers without explicit acceptance narrowly passed the Senate on Tuesday with a 28-21 vote.
Former Indianapolis-area insurance broker agrees to guilty plea in $4M Ponzi case
Brian Simms, who operated Brendanwood Financial Brokerage LLC in Carmel, avoided trial by reaching a plea agreement in what prosecutors said was a fraud scheme involving at least 20 victims.
Capital One to buy Discover in $35B deal that combines major credit card companies
Both companies have benefitted from Americans’ increased use of credit cards. In the fourth quarter of 2023, Americans held $1.13 trillion on their credit cards, and aggregate household debt balances increased by $212 billion, up 1.2%, according to the latest data.
Donald Trump verdict: $364 million penalty in civil fraud case
A New York judge imposed the penalty over what he ruled was a years-long scheme to dupe banks and others with financial statements that inflated the former president’s wealth.
Commercial-property loans coming due in U.S. jump to $929 billion
Nearly 20% of outstanding debt on US commercial and multifamily real estate will mature this year, requiring refinancing or property sales.
Loyalty points are crypto’s new bait
The fledgling points programs already have their detractors, with many users bemoaning a lack of transparency—most haven’t explained how their points can be used—while experts warn they may pose regulatory risks of their own.