The funding is part of the firm’s $75 million global commitment to better prepare young people for jobs and a new $30 billion commitment “to advance racial equity and drive an inclusive economic recovery.”
More Americans than ever obtained a basic bank account in 2019, the Federal Deposit Insurance Corp. said Monday. But data was gathered before the outbreak of the coronavirus pandemic.
Although redlining—discrimination in banking and lending based on someone’s race or where they live—has been illegal since the Fair Housing Act passed in 1968, analysts at Indiana University’s Public Policy Institute found that inequities in home-loan lending still exist.
Reluctance to put money to work took hold when the pandemic struck and has shown few signs of easing.
PNC and Fifth Third rank as the second and third largest area bank by deposits.
State Bank will also move its Danville branch to 8589 Rockville Road in Avon, near the Hendricks Regional Health YMCA. That location is set to open Nov. 9.
The health of the banking sector is a proxy for the U.S. economy, since the banks’ fortunes largely rise or fall depending on whether borrowers are repaying their debts.
Big Tech stocks, including Apple and Microsoft, powered much of the gains. Their businesses have proven to be practically impervious to the pandemic, unlike companies that would benefit from a strengthening economy.
JPMorgan Chase said Thursday it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort directed at “widespread economic inequality.”
Since January, no-touch payments have increased at 69% of retailers surveyed by the research firm Forrester on behalf of the National Retail Federation. And two-thirds of retailers surveyed now accept some form of no-touch payment.
Companies are taking advantage of seemingly good conditions for deal-making, including historically low interest rates that allow for cheaper debt, along with money sitting on balance sheets and in the private equity markets.
The discipline case accusing high-profile Barnes & Thornburg partner Larry Mackey of an improper relationship with the ex-wife of former Fishers money manager Keenan Hauke should be dismissed, the hearing officer in his case has recommended.
Tim Cook, an attorney who now leads the firm’s economic development consulting practice, will become the top executive at the city’s largest accounting firm on Jan. 1.
The settlement, the largest ever imposed for this type of fraudulent activity, known as spoofing, resolves investigations by the Justice Department, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Mike Rechin, who has served as the bank’s president and CEO since 2007, plans to retire at the end of the year. His departure will trigger several promotions among the bank’s other executives.
First Merchants has begun constructing a $2 million branch that’s expected to open in the mostly Black Avondale Meadows neighborhood in late November. It’s he most visible sign yet of sweeping changes at the Muncie-based financial institution after it settled redlining investigations last year.
The three branches, all of them in Indianapolis, will close on different dates in October and November. Even after the closures, though, Chase will still have three dozen or so locations around the city.
Chairman Jerome Powell on Wednesday defended the Federal Reserve’s efforts to support the economy during the pandemic-induced recession from assertions that its programs bungled aspects of its response.
The central bank has faced criticism for not making the Main Street program easier to use for banks, which evaluate and issue the loans. The Fed buys 95% of the loan from the banks, reducing their credit risk.
Wall Street has been shaky this month, and the S&P 500 has dropped 8.4% since hitting a record Sept. 2 amid a long list of worries for investors.
