Local banks lure new customers with cash amid competition
Cash offers are not a new phenomenon, but they’re in widespread use locally now, with at least 10 banks and credit unions offering such incentives.
Banks
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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.
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First Internet Bank’s acquisition deal with Georgia bank terminated
First Internet announced in November that it planned to acquire Georgia-based First Century Bank for about $80 million. But when it became necessary to extend the closing date, the parties couldn’t agree on extension terms.
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Got a dime? Businesses seek Treasury help with coin shortage
A group of trade associations that represent individual businesses including banks, retail outlets, truck stops, grocery stores and more is asking the Treasury Department for more help convincing Americans to get coins back in circulation.
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Chase to install solar panels on at least 17 area branches
The installations are happening at Chase branches across the United States, and each installation will provide 30% of that branch’s annual power needs, Chase spokeswoman Carlene Lule said.
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Articles
Banks see the ‘mass affluent’ as hot prospects worth enticing offers
A dramatic shift in cash offers—one-time cash incentives banks offer to new customers—is an example of how keen banks are to land the mass affluent
Federal judge temporarily halts Biden plan to lower credit card late fees to $8
The temporary nationwide injunction is a win for the big banks and major credit card companies, which collect billions in revenue each year in late fees and were looking to stop the proposal from going into effect.
Big banks warn of uncertain year ahead after mixed financial Q1 performances
Banks warned of risks in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere.
Visa, Mastercard reach $30 billion swipe-fee deal with merchants
In recent years, merchants have grown increasingly vocal about their opposition to credit card fees, which typically amount to about 2% of a purchase and totaled more than $100 billion last year.
Banks, credit unions turn to Legislature after stinging court losses
The revival of a bill that would allow banks to change contract terms without explicit consent from their users rang alarm bells for consumer advocates but faced little opposition in the Indiana House. Additionally, the proposal would override two recent opinions from the Indiana Supreme Court.
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.
From airlines to ticket sellers, companies fight U.S. to keep junk fees
Corporations have fought vigorously to thwart even the most basic rules that would require them to be more transparent about hidden charges, according to a Washington Post review of federal lobbying records and hundreds of filings submitted to government agencies.
New instant payment network could help smaller banks compete with the big guys
With help from a national pilot group that includes three Indiana-based banks, the Federal Reserve will soon launch the service, called FedNow.
Parent company of Silicon Valley Bank files for bankruptcy
The filing from SVB Financial Group was widely expected, with much of the company now under the control of banking regulators. The bank was seized last week by the federal government.
Is your money safe? What you need to know about bank failures.
The recent failures of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, might have you worried about your money. After all, they were the second- and third-biggest bank failures in U.S. history.
U.S. government moves to stop potential banking crisis
In a sign of how fast the financial bleeding was occurring, regulators announced that New York-based Signature Bank had also failed and was being seized on Sunday.
The Freedom Forum podcast: Rafael Sanchez, Old National Bank exec
In this episode host, Angela B. Freeman talks with Sanchez about diversity, equity and inclusion from a unique and authentic vantage point as a Hispanic male executive in the banking and lending industry.
Banks are beefing up their loan-loss reserves
Banks aren’t reporting signs of trouble in their loan portfolios, but, at the same time, many that were reducing their reserves last year are now building them back up.
All big U.S. banks pass Fed’s annual ‘stress tests’
The tests vary from year to year, but generally involve the Fed testing to see how steep the losses in the banking industry would be if unemployment were to skyrocket and economic activity were to severely contract.
Anti-discriminatory bank law getting update for modern era
The three major U.S. banking regulators said Thursday they a plan to rewrite much of the outdated regulations tied to a decades-old banking law designed to encourage lending to the poor and racial minorities in the areas where banks have branches.
Old National Bank settles allegations of redlining against Black Indy residents
The bank was accused in a lawsuit earlier this year of providing disproportionately fewer mortgages to Black borrowers, closing branches in predominantly Black neighborhoods and giving Black people less information during the mortgage-application process.
Capital One drops all overdraft fees, latest bank to do so
A number other banks have announced this year—Ally Bank and regional banking giant PNC for example—that they would end overdraft fees or create programs that would greatly lower the chance a customer would get hit with an overdraft fees.
Technology, politics lead banks to rethink overdraft fees
The amount of money banks earn from overdraft fees has dropped significantly since 2019—and observers say that revenue might never rebound to pre-pandemic levels.
All big banks pass latest Federal Reserve ‘stress tests’
All 23 of the nation’s biggest banks are healthy enough to withstand a sudden economic catastrophe, the Federal Reserve said Thursday.