Credit union regulator issues employment ban against Carmel man
Jose Prado-Valero of Carmel pleaded guilty to financial institution fraud in April and is serving a federal prison term.
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Fed Chair Powell says September interest rate cut could be ‘on the table’ as inflation cools
Federal Reserve Chair Jerome Powell said Wednesday that the upcoming elections would have no influence on the Fed’s decisions.
Car loan defaults jump as consumers battle inflation, high interest rates
A Cox Automotive report finds that car repossessions nationwide are up 23% over last year and 14% compared with the first half of 2019.
Amid tensions, some states are purging Chinese companies from their investments
Indiana last year became the first to enact a law requiring the state’s public pension system to gradually divest from certain Chinese companies.
Federal appeals court blocks remainder of Biden’s student loan relief plan
The ruling comes the same day that the Biden administration announced another round of student loan relief, this time totaling $1.2 billion in forgiveness for roughly 35,000 borrowers who are eligible for the Public Service Loan Forgiveness program.
Agency says apps that let workers access paychecks before payday are providing loans
The Consumer Financial Protection Bureau said Thursday that apps that allow workers to access their paychecks should be subject to the Truth in Lending Act, a 1968 law that requires lenders disclose all loan costs and fees.
Capital One offers $265B benefit plan to appease regulators for planned purchase of Discover
Capital One said it plans to buy and merge with Discover Financial Services, which will create the seventh-largest bank in the country as well as the largest credit card company. Capital One would also acquire Discover’s payment network, a rare asset.
Widespread rally sends Wall Street to record as Dow leaps 740 points
Unlike other record-setting days, Tuesday’s came after a widespread rally where nearly nine out of every 10 stocks in the S&P 500 rose, instead of just the handful of influential Big Tech stocks.
Powell says Federal Reserve more confident inflation slowing toward target
In his remarks Monday, Federal Reserve Chair Jerome Powell stressed that the Fed did not need to wait until inflation actually reached 2% to cut borrowing costs.
Federal regulators fine Citigroup $136M for failing to fix internal control issues
The Federal Reserve and the Office of the Comptroller of the Currency said Citigroup had failed to meet its obligations stemming from a 2020 consent order related to the bank’s risk and control issues.
Target to stop accepting personal checks from shoppers
Check usage has been in decline for decades as Americans have largely switched to paying for their services with credit and debit cards.
Fifth Third Bank to pay $5M to settle auto insurance allegations
Consumer Financial Protection Bureau Director Rohit Chopra said the bank had been “illegally loading up auto loan bills with excessive charges,” with about 1,000 families losing their cars to repossession as a result.
Fed’s Powell highlights slowing job market in signal that rate cuts might be nearing
The Federal Reserve has made “considerable progress” toward its goal of defeating the worst inflation spike in four decades, Chair Jerome Powell said in his testimony to the Senate Banking Committee.
Financial firm with central Indiana ties faces FBI investigation, civil lawsuits
Capstone Capital Management LLC is also facing multiple civil suits filed by investors who say they were deceived by Capstone and lost money as a result.
Fed Chair Jerome Powell: U.S. inflation cooling again, but rate cuts would be premature
After some persistently high inflation reports at the start of 2024, Powell said, the data for April and May “do suggest we are getting back on a disinflationary path.”
Owner of 27-story downtown apartment tower faces $101M foreclosure lawsuit
Since it was completed in 2018 at a cost of $120 million, the tower has become one of the city’s priciest residential properties, with an average rent of $2,365 per month, or $2.58 per square foot.
Judge rejects $30 billion Visa, Mastercard swipe-fee settlement
The decision jeopardizes an agreement reached in March that was meant to end two decades of litigation related to the fees card companies charge retailers on each purchase a customer makes.
Judges in Missouri, Kansas temporarily halt part of Biden’s student debt forgiveness plan
The judges’ rulings prevent the U.S. Department of Education from helping many of the intended borrowers ease their loan repayment burdens going forward under a rule set to go into effect July 1.
Investors eyeing opportunities in accounting firms
As technology and other factors transform the accounting industry, a growing number of firms are turning to private equity investments to help them keep up with the pace of change.
IRS says ‘vast majority’ of 1M pandemic-era credit claims show risk of being improper
The Employee Retention Credit was designed to help businesses retain employees during pandemic-era shutdowns, but it quickly became a magnet for fraud.