Jeweler Alex and Ani files bankruptcy after rapid expansion
Indianapolis-based mall owner Simon Property Group is among the retailer’s largest unsecured creditors; it is owed more than $3 million in rent payments.
Banking & Finance
Articles
Senators push measure to accelerate donor-advised funds, foundation giving
Two key U.S. senators introduced legislation Wednesday designed to spur faster payouts from donor-advised funds and foundations, giving new momentum to an effort that has deeply divided philanthropy.
Fed survey sees faster growth despite supply-chain problems
Several of the central bank’s districts reported that increased vaccination rates and relaxed social-distancing measures were having a positive impact on the economy.
Ally Financial becomes first large bank to end all overdraft fees
The bank cited specifically the impact that overdraft fees have on Black and Latino households, which are historically poorer than their white counterparts and are hit with overdraft fees more often.
Indiana Members Credit Union adds Bloomington-based credit union
Indianapolis-based Indiana Members Credit Union will add 2,231 members, two offices and $17 million in assets by adding Members Choice Federal Credit Union through a merger.
Old National Bank merging with Chicago-based bank to create $45B firm
The deal is the largest to date by far for Old National, which has grown dramatically over the past decade through a series of acquisitions.
Bank CEOs tell Congress they’ll work to avoid foreclosures
The chief executives of the nation’s largest banks went in front of Congress for a second day Thursday, facing questions ranging from inflation to their efforts to keep Americans in their homes after pandemic aid expires this summer.
Saved by online lenders, businesses say they’ll borrow again
Loans from online lenders saved thousands of small business owners who were unable to get COVID-19 relief loans from big traditional lenders. Now, encouraged by getting applications processed within days rather than weeks, these owners are becoming repeat customers.
Tax changes would boost IRS monitoring of cryptocurrency use
Among the proposed changes, businesses that receive “cryptoassets” with a fair market value of more than $10,000 would have to report it to the IRS.
Fed officials showing some signs of concern over inflation pressures
The discussions, revealed in the minutes of the Fed’s April meeting released Wednesday, marked the first time the central bank has even hinted that the time could be approaching to consider reducing the Fed’s $120 billion monthly bond purchases.
U.S. consumer borrowing posts another strong showing in March
U.S. consumer borrowing rose by a strong $25.8 billion in March, the second-straight month of sizable gains.
Ponzi schemer Cochran escalates fight for early release on COVID grounds
Jim Cochran, who is serving a 25-year prison sentence for his role in the Fair Finance fraud, says he has undergone a religious conversion that no longer makes him a risk to society.
Treasury secretary suggests Biden plans may require rate hikes, spooking investors
Janet Yellen’s comments reignited fears raised by some economists and business leaders that trillions of dollars in new spending that the government has authorized since March 2020 could lead the Federal Reserve to take steps that cool off the economy.
First Internet Bank beefs up small-business lending division with new hires
Fishers-based First Internet Bank began assembling its Small Business Administration lending division in late 2018.
Even as economy heats up, Fed to stick with near-zero rates
Federal Reserve Chairman Jerome Powell Powell said he thinks the inflation pressures that are now building in the U.S. economy, partly in response to clogged supply chains that have created shortages of some goods and components, will prove temporary.
Infamous Ponzi schemer Bernie Madoff dies in prison
Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations. But his investment advisory business was exposed in 2008 as a multibillion-dollar Ponzi scheme that wiped out people’s fortunes and ruined charities and foundations.
Fed’s Powell sees U.S. boom ahead, with COVID still a risk
Federal Reserve Chairman Jerome Powell said that he doesn’t expect to raise the Fed’s benchmark interest rate, currently pegged at nearly zero, this year.
IMF upgrades forecast for 2021 global growth to record 6%
The rollout of COVID-19 vaccines and vast sums of government aid will accelerate global economic growth to a record high this year in a powerful rebound from the pandemic recession, the International Monetary Fund says in its latest forecast.
Stocks close broadly higher following big job gains in March
The S&P 500 and Dow Jones industrial average both reached record highs as the economy showed more signs that it’s continuing to recover.
Regulators liquidate troubled Indianapolis credit union
The financially troubled credit union had been operating under a conservatorship since January. As part of the liquidation, about 500 members and most of their deposits have been transferred to Indianapolis-based Elements Financial Credit Union.