Black-led financial institution looks to create access to capital
Work is underway to determine what kind of support services Black-owned businesses will need to complement the loan fund.
Banking & Finance
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Emmis makes stock buyback offer, seeking up to 2 million shares
The stock buyback offer, announced Thursday, applies to up to 2 million shares of Class A common stock at $2.60 per share, or more than $1 per share above the closing price of Emmis shares on Thursday.
Justice Department to expand redlining investigation efforts
The Justice Department announced Friday a cross-government effort to investigate and prosecute redlining, the practice of banks discriminating against racial minorities or certain neighborhoods.
Accountant shortage puts crunch on hiring
Fewer students have been entering the accounting profession, and a salary gap between accounting and other financial professions means those accounting students might be lured to a different field.
Consumer watchdog to probe Big Tech payment systems
In its first significant action under a new director, the Consumer Financial Protection Bureau is ordering Apple, Amazon, PayPal and other tech giants to reveal how their proprietary payment networks function.
Fed imposes sweeping new limits on policymakers’ investments
The Federal Reserve announced Thursday that its policymakers and senior staff would be barred from investing in individual stocks and bonds.
City sets up first Black-led community development loan fund
Indianapolis is making preparations for its first Black-led Community Development Financial Institution, which will aim to offer businesses in economically disadvantaged communities access to capital and other help.
Fifth Third Bank announces $20M investment in Arlington Woods neighborhood
Most of of the funding will will go to improve mortgage access, capital access for small businesses and other education resources in the northeast-side neighborhood.
As Bitcoin goes mainstream, Wall Street looks to cash in
Cryptocurrencies have surged so much that their total value has reached nearly $2.5 trillion, rivaling the world’s most valuable company, Apple, and have amassed more than 200 million users. At that size, it’s simply too big for the financial establishment to ignore.
Fed officials: Bond purchases could end by middle of 2022
Such a move would mark the Fed’s first step back from the extraordinary efforts it has made to stimulate the economy in the wake of the pandemic.
Lawsuit alleges Old National Bank redlined against Black Indy residents
The Fair Housing Center of Central Indiana, or FHCCI, brought the legal action Thursday after a multiyear investigation of the Indiana-based financial institution and meeting with bank officials.
High Alpha raises $18M to launch third venture studio
High Alpha Studio III will concentrate on funding, launching and growing enterprise cloud companies.
Fed watchdog to investigate officials’ financial trades
The Federal Reserve’s Office of the Inspector General will investigate “whether trading activity by certain senior officials was in compliance with both the relevant ethics rules and the law,” the Fed said Monday.
Stocks fall on tech slide, as oil hits highest level since 2014
Investors are increasingly worried about inflation as oil prices rise and companies continue facing supply problems that increase their costs and force them to raise prices.
Fieldhouse deal should boost Indy-based Gainbridge’s profile
Experts say the deal could be a boon if the annuity and life insurance firm manages to leverage the exposure in a manner that pushes the bounds of a traditional naming-rights deal.
S&P 500’s drop in September worst since March 2020
After climbing steadily for much of the year, the stock market has become unsettled in recent weeks with the spread of the delta variant, surging long-term bond yields and word that the Federal Reserve may start to unwind its support for the economy.
Navient to exit federal student loan servicing
Navient, one of the nation’s largest student loan companies, has major operations in Fishers. About 1,400 people work in the company’s 450,000-square-foot loan servicing and data center east of Interstate 69 and north of 106th Street.
Stock market has worst day in months as bond yields surge
The benchmark S&P 500 index had its worst drop since May, and the tech-heavy Nasdaq had its worst drop since March.
Local brokerage fined, ordered to pay more than $530,000 in fines and restitution
The alleged violations occurred when the firm operated as David A. Noyes and Co. It was acquired by Sanctuary Wealth in 2018.
Once-hot SPAC investments return to earth
Not only are fewer SPACs going public through IPOs, the ones already in the market and still hunting for targets have seen their share prices drop.