Question for Fed: Has it waited too long to fight inflation?
On Wednesday, the government is expected to report that consumer prices jumped 7.1% over the past 12 months, which would be the steepest such increase in decades.
Banking & Finance
Articles
Stocks end 2021 on weak note, but still notch huge yearly gain
The market kept setting new highs all year despite plenty of challenges, including rising inflation, global supply chain disruptions and outbreaks of more contagious variants of the COVID-19 virus.
CEO LaMothe set to step down at Elevate Ventures
During Chris LaMothe’s tenure, Elevate Ventures has grown to 16 funds with $150 million in assets under management and has invested nearly $125 million in about 450 startups
Treasury awards $8.7B for lending in minority communities
The funds from the Emergency Capital Investment Program, which was created this year, will go to 186 community-based financial institutions.
Loan defaults at record lows, despite impact of pandemic
Indiana bankers cite federal COVID-19 relief measures as a big reason—but not the only one.
Tech firm Genesys lands $580M in funding
The company, which offers cloud-based software and other products for call-center operators, has a significant presence in Indianapolis but it’s unclear how the recent investment might affect local operations.
Prosecutors to ask for eight-year prison sentence for former financial exec
A sentencing hearing is scheduled Thursday for BancServ Partners LLC founder Kerri Agee, who was found guilty on fraud and conspiracy charges in August.
Capital One drops all overdraft fees, latest bank to do so
A number other banks have announced this year—Ally Bank and regional banking giant PNC for example—that they would end overdraft fees or create programs that would greatly lower the chance a customer would get hit with an overdraft fees.
Analysis: Biden’s Federal Reserve pick reflects political balancing act
By picking Jerome Powell to stay on as chair of the powerful Federal Reserve, President Joe Biden is trying to navigate hazardous crosscurrents between economic and political forces.
Two Democratic senators oppose Powell as Fed chair
Their opposition comes as President Joe Biden is expected to announce within days whom he will choose for the nation’s most powerful economic position.
Fishers-based Formstack lands record $425M equity investment
The equity investment is by far the largest single capital raise by an Indiana-based technology company in the state’s history, according to Indianapolis-based TechPoint, a not-for-profit that supports the state’s tech industry.
Nominee for U.S. banking regulator faces hostile opposition
Saule Omarovaa’s previous criticism of the banking industry makes the banks fearful she will be a tough regulator for Wall Street. They also are wary because of academic writings in which she has proposed substantial overhauls to how banks operate in the U.S.
STAR Bank debuts Bitcoin services for its mobile banking customers
Fort Wayne-based STAR, which has 13 banking offices in the Indianapolis market, said it sees a business opportunity in Bitcoin and plans to add additional cryptocurrency services as demand warrants.
Indianapolis investing group bets big on renewable energy
A blank-check company, or SPAC, plans to close early next year on a merger with California-based Energy Vault that will take the company public and give it a cash infusion of $388 million.
Muncie-based First Merchants to acquire Michigan bank for $323.5M
First Merchants has agreed to acquire Farmington Hills-based Level One Bancorp, which has 16 Michigan banking offices. The deal is expected to close in the first half of next year.
First Internet Bank to acquire Georgia-based bank in $80M deal
Fishers-based First Internet says it expects that its $80 million acquisition of Georgia-based First Century Bank will be complete early next year. The deal brings several new product lines to First Internet’s existing offerings.
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.
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.