CEO’s love for swimming leads OneAmerica to sponsor USA team
Scott Davison has a lifelong love of the sport. Knowing this helps explain why OneAmerica’s name and logo will be deeply imbedded in the U.S. Olympic Swimming Trials in Indianapolis.
Banking & Finance
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More struggling with credit card debt in potentially bad sign for economy
The share of credit card debt that’s more than 90 days overdue rose to 10.7% during the first quarter, a 12-year high.
Lilly CFO Ashkenazi leaving to take job at Google parent Alphabet
Anat Ashkenazi was Lilly’s third-highest paid executive last year. She has worked at the company for 23 years, including as chief financial officer since 2021.
EBay to stop taking American Express cards after fee dispute
The two firms have been embroiled in negotiations about the merchant discount rates—also known as interchange fees—charged by Amex at the point of sale. The fees have long been a headache for merchants.
Bankruptcy filings rise as consumers struggle with credit card debt, more
In the U.S. Bankruptcy Court for the Southern District of Indiana, April numbers for all bankruptcy cases—including Chapters 7, 11 and 13—were up 19.9% compared to the same time last year.
Lingering inflation pressures continue to keep Fed rate cuts on pause
Hopes for interest rate cuts this year by the Federal Reserve are steadily fading, with a stream of recent remarks by Fed officials underscoring their intention to keep borrowing costs high as long as needed to curb persistently elevated inflation.
Indiana, Elevate Ventures launching $100M growth-stage fund
The new fund, called the Elevate Ventures Growth fund, will be aimed at companies with a $500 million or greater total addressable market.
Shutdown of financial middleman Synapse freezes thousands of Americans’ deposits
Synapse filed for Chapter 11 bankruptcy protection in April and has shut down its services to some of its fintech or bank partners, leading to accounts being frozen or showing funds not existing at all.
Using AI, Mastercard expects to find compromised cards quicker
In its latest software update, Mastercard is integrating artificial intelligence into its fraud-prediction technology that it expects will be able to see patterns in stolen cards faster and allow banks to replace them before they are used by criminals.
Software firm Tenon to use $8M investment round to fund expansion
Indianapolis-based Tenon Software Inc. plans to use the new funding to grow its staff, accelerate product development and boost marketing.
FDIC Chair Martin Gruenberg says he will resign after hostile workplace claims
An independent investigation led by an outside law firm found rampant instances of abusive workplace conduct at the FDIC, including sexual harassment, stalking and inappropriate supervisor-subordinate relationships.
Red Lobster files for Chapter 11 bankruptcy protection
After closing dozens of restaurants, including one in Indianapolis, the seafood chain has agreed to sell itself to its lenders―giving it a $100 million financing commitment to keep it afloat.
KSM accounting firm announces Cincinnati acquisition plans
Once the acquisition closes, Cassady Schiller will become Katz, Sapper & Miller’s largest office outside of its Indianapolis headquarters.
Dow tops 40,000 for the first time as Wall Street drifts higher
Stocks have continued to hold up despite the worst inflation in decades, the punishing effects of high interest rates and worries about a recession that seemed inevitable but hasn’t arrived.
Supreme Court rejects broad challenge to Consumer Financial Protection Bureau
In a 7-2 decision written by Justice Clarence Thomas, the court upheld as constitutional the bureau’s funding mechanism, which is based on profit from the Federal Reserve, rather than an annual appropriation.
Carmel man sentenced for role in $2.1M institutional fraud scheme
A 35-year-old Carmel man has been sentenced to nearly three years in prison after helping steal more than $2.1 million from a credit union, the U.S. Department of Justice announced Wednesday.
Black Hoosier businesses still skeptical of banks
Experts say the hesitancy of Black business owners to borrow stems from historical neglect of those customers by traditional banks—an opinion backed by extensive historical research.
Medicare, Social Security go-broke dates delayed in ‘measure of good news’
An improving economy has contributed to changed projected depletion dates, according to the annual Social Security and Medicare trustees report Monday. Still, officials warned that policy changes are needed lest the programs become unable to pay full benefits to retiring Americans.
Robinhood receives SEC notice for alleged securities violations at crypto unit
The company said in a regulatory filing that it received investigative subpoenas from the SEC about issues including cryptocurrency listings, custody of cryptocurrencies, and platform operations.
National accounting firm accused of fraud affecting more than 1,500 SEC filings
One of the nation’s most prolific auditors, BF Borgers faces permanent suspension from practicing as accountants before the SEC and a total of $14 million in fines.