Cease-and-desist order issued against Carmel financial firm, CEO
The Indiana Secretary of State’s Office has issued a cease-and-desist order against Carmel-based ReJoyce Financial LLC, its CEO Alexander Joyce, and two other parties.
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Average long-term mortgage rate falls to lowest level since May
Home loan borrowing costs have been mostly coming down since late October, after the average rate on a 30-year mortgage surged to 7.79%, the highest level since late 2000.
Coalition touts bills to improve consumer lending in Indiana
Hoosiers for Responsible Lending on Wednesday hosted a press conference lauding two pieces of legislation at the Statehouse that they said would significantly improve consumer lending policy in Indiana.
Overdraft fees could drop to as low as $3 under new White House proposal
The proposed change by the Consumer Financial Protection Bureau would potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks.
Banks prepare to take on Biden administration over billions in overdraft fees
The Consumer Financial Protection Bureau is expected to propose rules this week that would further rein in banks’ ability to charge customers a fee when they overdraw their bank account.
Average long-term mortgage rates rise again, reaching their highest level in 4 weeks
The average rate on a 30-year mortgage rose to 6.66% from 6.62% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.33%.
Millennials find way to buy houses: Living with mom and dad
Hunkering down with family offers breathing room to save for a home. The trade-off comes down to temporarily relinquishing a measure of independence to achieve a milestone increasingly out of reach for people their age.
Musk leads world’s richest to $1.5 trillion wealth gain in 2023
No one did better in 2023 than Elon Musk, who recaptured the title of world’s richest person from French luxury tycoon Bernard Arnault.
In reversal, U.S. to heighten efforts to collect billions in unpaid COVID loans
The Biden administration plans to more aggressively pursue thousands of small businesses with past-due pandemic loans, reversing an earlier policy that saw the U.S. government stop short of trying to collect an estimated $30 billion in delinquent debt.
Fed might shed light on prospects for rate cuts in 2024
When its latest policy meeting ends Wednesday, the Federal Reserve is likely to provide some highly anticipated hints about the extent of rate cuts next year.
Windsor Wealth Management acquired by fast-growing Corient
Indianapolis-based Windsor Wealth Management had 14 employees and $1.9 billion in assets under management when Corient acquired the firm.
NBA, partners to host pitch contest for Hoosier startups on All-Star Weekend
The contest for diverse-led Indiana-based startups offers a total of $150,000 in cash prizes.
Indiana-based banks see stock-price rebound on horizon
Most of Indiana’s 14 publicly traded banks have seen a significant drop in stock prices at some point this year, in some cases falling more than 50% from their Jan. 3 prices, the first trading day of the year.
Big bank CEOs warn that new regulations might severely impact economy
The heads of the nation’s biggest banks told Congress there are reasons to be concerned about the health of U.S. consumers—particularly poor and low-income borrowers.
Slowest housing market in years weighing on consumer spending
Home loan rates have started drifting lower amid growing hopes the Fed will start to expand the money supply again next year, but it could take years for the housing market to return to normality.
Fed’s Powell notes inflation is easing, but says further progress is needed
Inflation is slowing steadily, but it’s too early to declare victory or to discuss when the Federal Reserve might cut interest rates, Chair Jerome Powell said in prepared remarks Friday.
Anderson-based credit union expanding outside Madison County
After 60 years of operations in Madison County, Anderson-based Lampco Federal Credit Union is working to establish a foothold in Marion, Hamilton and Hancock counties.
Holcomb taps Boone County Council president Nieshalla as state comptroller
Elise Nieshalla, a real estate investor and president of the Indiana County Councils Association, will replace Tera Klutz, who is stepping down Thursday despite having more than three years left in her term.
Turned down for loans, business owners seek growth capital elsewhere
Among the many challenges small businesses face as they try to grow these days is getting a loan. Banks big and small have tightened lending standards along with rising interest rates the past two years.
Largest crypto exchange Binance fined $4B, CEO pleads guilty to not stopping money laundering
“Using new technology to break the law does not make you a disruptor, it makes you a criminal,” said U.S. Attorney General Merrick Garland, who called the settlement one of the largest corporate penalties in the nation’s history.