Payday loan rules could stop ‘debt trap’ in Indiana, advocates say
Proposed new federal rules aim to make sure borrowers of short-term, high-interest payday loans have the ability to repay them.
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Federal regulators propose restrictions on payday lenders
The Consumer Financial Protection Bureau is proposing a significant clampdown on payday lenders and other providers of high-interest loans, saying borrowers need to be protected from practices that wind up turning into “debt traps” for many.
DemandJump attracts more big-name investors with $1.8M round
The marketing software company, which was named “Startup of the Year” by TechPoint, has lured equity capital from Collina Ventures partner Mark Hill and a prominent Boston-based venture capitalist.
BMO Harris Bank cutting employees in restructuring
BMO Harris Bank, the area’s fifth-largest bank by deposits, is trimming about 4 percent of its workforce as it adapts to changing customer habits.
Hofmeister faces $2.4M suit over Clearwater jewelry store
The foreclosure lawsuit is the latest legal problem for the 43-year-old retailer, which is still trying to pay off debt from a Chapter 11 bankruptcy it filed in 2011.
Bob Compton helped plant seeds of now-flourishing local tech community
Bob Compton invests in documentary films today, but in the 1980s, 1990s and 2000s, he helped fund firms like Software Artistry, Interactive Intelligence, Aprimo, ExactTarget and TinderBox.
Carmel whiskey business lands $7.5 million in funding
Beach Whiskey LLC, led by beverage entrepreneur J. Smoke Wallin, announced Thursday it has snagged enough financing to begin selling its product in California, Florida and Hawaii.
Regulators discipline former local financial brokerage workers
Financial industry regulators banned one brokerage firm employee for life for impersonating customers, suspended another one for making unauthorized trades and are seeking punishment for a third.
Indianapolis health analytics company lands nearly $4M in VC
Springbuk, which aims to simplify the jobs of HR benefits and wellness managers, plans to use the money on product innovation and hiring.
Fed raises likelihood of a June interest rate hike
The minutes of their most recent meeting in late April show that Federal Reserve officials widely felt it would be appropriate to raise rates at their June 14-15 meeting as long as hiring and economic growth further strengthened.
Two tracks of negotiations helped seal huge Salesforce expansion
Tech talent and naming rights on the state’s tallest building were key factors that helped Indianapolis secure an 800-employee hiring commitment from Salesforce.com this month.
$3B Disciples pension fund in transition
Rev. Todd Adams takes the helm this summer, succeeding James P. Hamlett, 67, who is retiring. Adams will aim to keep the fund on strong footing despite declines in church membership.
Wells Fargo taps Martinez for Indy leadership team
Candelario Martinez has been named regional vice president with Wells’ Indiana middle market commercial banking operation, which serves private businesses with $20 million or more in annual revenue.
Feds reach $15M deal in suit over failed Indiana bank
Irwin Union Bank was one of a few Indiana bank casualties of the Great Recession. The Federal Deposit Insurance Corp., which sued three former officers in 2013, has reached a settlement with those defendants.
Mainstreet Health to seek $95M in Canadian share offering
Mainstreet Health Investments Inc. is headquartered in Toronto but controlled by Carmel-based real estate developer Mainstreet Property Group.
Stonegate shares slip after firm reports major revenue slide
Stonegate Mortgage Corp. kicked off 2016 in a slump, disappointing Wall Street with a steeper-than-expected revenue decline and a first-quarter loss.
Longtime Huntington exec Newbold plans retirement
Mike Newbold, regional president for Huntington National Bank in the central Indiana market since 2006, plans to retire this summer, Huntington Bancshares Inc. announced Tuesday morning.
Years after Irwin Union’s failure, a lawsuit yields settlement
The FDIC has settled a lawsuit against four former executives of the bank. Meanwhile, in a separate suit a bankruptcy trustee continues to press his claims against three other executives.
Massive merger of pawn operators includes 18 Indy locations
The No. 1 player in the U.S. pawn shop market has agreed to buy the No. 3 firm for about $994 million in stock as a regulatory crackdown reshapes the non-bank lending industry.
Lizton Financial to acquire Indiana Business Bancorp
Indiana Business Bancorp, a community bank with a single branch on the north side of Indianapolis, has agreed to a $12.5 million merger with Lizton Financial Corp., a Hendricks County-based bank with 11 branches in central Indiana.