Treasury recommends exploring creation of digital dollar
The Biden administration is moving one step closer to developing a central bank digital currency, saying it would help reinforce the U.S. role as a leader in the world financial system.
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Mortgage rates hit 6%, first time since 2008 housing crash
Rising interest rates—in part a result of the Federal Reserve’s aggressive push to tamp down inflation—have cooled off a housing market that has been hot for years.
Westfield-based Taranis lands $40M growth investment
Taranis, which was founded in Israel in 2015 and moved its headquarters to Westfield in 2020, offers a software platform farmers can use to monitor and manage their crops.
IRS to look into setting up free electronic tax filing system
The IRS has lacked the funding—or the clout to outmaneuver private lobbyists—to seriously consider its own e-filing platform, current and former officials say, forcing taxpayers instead to deal with a consortium of private providers.
U.S. House panel calls for cryptocurrency fraud oversight
The inquiries come as the cryptocurrency market has seen immense volatility, as bitcoin lost nearly half its value at one point this year and other cryptocurrencies fell even more.
Fed’s real-time payment system coming as soon as May
In development for effectively a decade, FedNow is expected to allow banks of any size to send payments to each other in real-time. That will allow bank customers to send real-time payments to one another on the same rails.
Biden announces long-awaited student debt-forgiveness plan
The plan calls for $10,000 or more in federal loan forgiveness for millions of Americans. Democrats are betting that President Joe Biden, who has seen his public approval tumble over the past year, can help motivate younger voters to the polls with the announcement.
Companies facing first tax on stock buybacks in Biden bill
Under the bill, companies will face a new 1% excise tax on purchases of their own shares, effectively paying a penalty for a maneuver that they have long used to return cash to investors and bolster their stock price.
Car-charging investment soars, driven by EV growth, government funds
More than $4.8 billion has been pumped into the electric-vehicle charging industry this year—a combination of roll-out announcements, debt financing, investment and acquisitions. And this is just the deals that have disclosed financial figures.
Banks are beefing up their loan-loss reserves
Banks aren’t reporting signs of trouble in their loan portfolios, but, at the same time, many that were reducing their reserves last year are now building them back up.
New crypto oversight legislation arrives as industry shakes
Lawmakers, who have run out of patience with the cryptocurrency industry’s attempts to live out an unregulated Libertarian, bank-free world, are now desperate to implement stringent oversight.
Credit card debt sees biggest increase in 20 years
Credit card debt surged in the United States from April through June as Americans borrowed billions of dollars to continue spending in the face of growing inflation, according to a Tuesday report from Federal Reserve Bank of New York.
Watchdog: US Bank workers opened fake accounts for sales goals
For more than a decade, US Bank pressured its employees to open fake accounts in their customers’ names in order to meet unrealistic sales goals, the Consumer Financial Protection Bureau said Thursday.
Fed unleashes another big rate hike in bid to curb inflation
The Fed is tightening credit even while the economy has begun to slow, thereby heightening the risk that its rate hikes will cause a recession later this year or next.
Indianapolis-based Aearo files for bankruptcy protection amid flood of lawsuits
Aearo Technologies filed for Chapter 11 bankruptcy protection this week as a way to deal with the more than 230,000 product liability suits filed against the company and its corporate parent, 3M, in recent years over its now-discontinued Combat Arms earplugs.
Indianapolis-based Scale Computing lands $55M investment
Scale Computing CEO Jeff Ready said the $55 million investment will help the fast-growing company move closer to its goal of an initial public offering.
Deal-making down as inflation, rate hikes spur caution
Companies hit the brakes on deal-making during the first half of 2022 as concerns over pervasive inflation, interest rate hikes and the threat of a recession loomed over Wall Street.
Hope for depositors dwindles as crypto lender Celsius files for bankruptcy
For several years, Celsius was a crypto golden child under co-founder Alex Mashinsky, offering more than 20 percent yields under what he and other executives said was a disruptive plan that avoided the fees and greed of traditional banks.
Crypto plunge is cautionary tale for public pension funds
The recent crypto meltdown has prompted a larger question: For pension funds that ensure teachers, firefighters, police and other public workers receive benefits in retirement after public service, is any amount of crypto investment too risky?
Wall Street expects inflation squeeze on 2Q earnings
Inflation tightened its grip on businesses and consumers during the second quarter and investors expect to see a dent in the latest round of corporate earnings.