Wall Street’s losses worsen as markets tumble worldwide
U.S. stocks are tumbling toward their lowest point in more than a year as renewed worries about China’s economy pile on top of markets already battered by rising interest rates.
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Cryptocurrency bank with Hoosier connections draws banking regulators’ scrutiny
San Francisco-based Anchorage Digital Bank, which announced in January its plans to open an Indiana office, is the subject of a consent order issued by federal banking regulators. But both the regulators and Anchorage say the bank is working to come into compliance with Bank Secrecy Act and anti-money-laundering regulations.
In wicked reversal, stock market has worst day in two years
The sell-off was a sharp reversal of fortunes after markets posted large gains on Wednesday, a whiplash caused by temporary confusion over the Federal Reserve’s approach to raising interest rates this year.
Anti-discriminatory bank law getting update for modern era
The three major U.S. banking regulators said Thursday they a plan to rewrite much of the outdated regulations tied to a decades-old banking law designed to encourage lending to the poor and racial minorities in the areas where banks have branches.
First Internet Bank’s acquisition deal with Georgia bank terminated
First Internet announced in November that it planned to acquire Georgia-based First Century Bank for about $80 million. But when it became necessary to extend the closing date, the parties couldn’t agree on extension terms.
Biden taking ‘hard look’ at student loan forgiveness
White House press secretary Jen Psaki said Thursday that President Joe Biden was still considering whether to tie debt relief to borrowers’ income levels, an idea he’s floated in the past. She said it’s “certainly something he would be looking at.”
Brainard wins Senate confirmation to be Fed’s vice chair
The relatively close vote reflects the increasingly partisan atmosphere in Congress that is now engulfing the nomination process for the Fed, an independent institution that has sought to remain above politics.
Education Department gives more borrowers chance of student loan cancellation
Despite fine-tuning over the years, government audits show the Education Department has provided insufficient instructions to contractors managing its loan portfolio. That oversight has resulted in inconsistent loan servicing to the detriment of borrowers.
West Virginia-based WesBanco entering Indianapolis market
WesBanco, a mid-sized bank based in Wheeling, West Virginia, said it has hired two people so far to staff a new loan production office in Indianapolis that will focus on both commercial and mortgage lending.
Mortgage rates soar to their highest levels in 11 years
Meanwhile, mortgage applications fell again last week. The market composite index, a measure of total loan application volume, decreased 1.3% from a week earlier, according to Mortgage Bankers Association data.
Treasurys slump ignites global selloff as rate hikes gain focus
Long-term U.S. Treasury yields jumped to a three-year high on Monday, fueling a global rise in borrowing costs as traders intensified bets on aggressive rate hikes from major central banks.
Yellen calls for crypto regulation to reduce risks, fraud
Treasury Secretary Janet Yellen said more government regulation is needed to police the proliferation of cryptocurrency and other digital assets and to ward off fraudulent and illicit transactions.
White House to extend student loan pause through August
The action applies to more than 43 million Americans who owe a combined $1.6 trillion in student debt held by the federal government, according to the latest data from the Education Department.
Elon Musk to join Twitter’s board after becoming largest shareholder
Putting Musk on Twitter’s board and limiting the amount of stock he can acquire while as a director may be a strategic move on Twitter’s part.
Suddenly, Twitter’s biggest stakeholder is Tesla’s Elon Musk
Twitter co-founder Jack Dorsey stepped down as CEO in November. Musk’s stake in Twitter is now more than four times the size of Dorsey’s, who had been the largest individual shareholder.
Small businesses in need of loans find stingier lending landscape
Only about 30% of businesses that applied for financing last year got the full amount that they asked for, down from about half in 2019.
Fed’s Powell: Digital currencies will require new regulations
Federal Reserve Chair Jerome Powell said new forms of digital money such as cryptocurrencies and stablecoins present risks to the U.S. financial system and will need new rules to protect consumers.
Powell says Federal Reserve will hike further, faster if necessary
Federal Reserve Chairman Jerome Powell said that if necessary, the central bank would be open to raising rates by a comparatively aggressive half-point at multiple Fed meetings. The Fed hasn’t raised its benchmark rate by a half-point since May 2000.
Q&A: Financial adviser John Sarson on why he’s bullish on cryptocurrency
He’s the CEO of Indianapolis-based Sarson Funds, which offers cryptocurrency-focused investments to financial advisers and accredited investors. He spoke to IBJ recently—not from his office, but from what he calls the firm’s “secret location,” a house in Carmel where staffers build computers and do crypto mining.
PNC’s Connie Bond Stuart to retire after 41-year career
Stuart has served as PNC’s top Indianapolis-area executive since 2011, and she’s spent her entire career working for the bank in various markets.