The bank cited specifically the impact that overdraft fees have on Black and Latino households, which are historically poorer than their white counterparts and are hit with overdraft fees more often.
Fishers-based First Internet Bank began assembling its Small Business Administration lending division in late 2018.
Greg Maurer, who has served on the bank’s board since 2013, will take over as chairman.
The Office of the Comptroller of the Currency, which regulates federally chartered U.S. banks, has recently given banks the go-ahead to engage in certain types of cryptocurrency transactions.
High levels of uncertainty, along with other pandemic-related factors, have pushed U.S. commercial bank deposits to record highs since the beginning of the year.
Although redlining—discrimination in banking and lending based on someone’s race or where they live—has been illegal since the Fair Housing Act passed in 1968, analysts at Indiana University’s Public Policy Institute found that inequities in home-loan lending still exist.
The health of the banking sector is a proxy for the U.S. economy, since the banks’ fortunes largely rise or fall depending on whether borrowers are repaying their debts.
The settlement, the largest ever imposed for this type of fraudulent activity, known as spoofing, resolves investigations by the Justice Department, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
In the past 80-plus years, however, credit unions have grown substantially in size and scope, bearing little resemblance to their forebears. Their current clientele often are affluent, and field-of-membership requirements have been stretched beyond recognition.
After months of lockdown during the pandemic, many have become aware of the failings of their homes. Whether you want a cosmetic update or think your home may have a more serious problem, how to pay for a renovation may be your main concern.
The Treasury Department will ramp up the size of the bonds and other securities it auctions across-the-board in the face of the unprecedented borrowing needs.
But bankers say bricks-and-mortar branches are still important for a variety of reasons.
Of the 20 banks issuing the most PPP loans to Indiana borrowers, 11 were headquartered in the state—many of which went to extraordinary lengths to extend as many loans as they could.
The results from JPMorgan Chase, Wells Fargo and Citigroup on Tuesday offer perhaps the broadest glimpse yet into how badly the pandemic is affecting the financial health of American consumers and businesses.
On the sidelines of protests, organizers are spreading the word about the role of banks in some of the worst chapters of U.S. history, from financing slaveholders to systemic discrimination in 20th century mortgage lending.
The banking industry, which argues that credit unions’ tax-exempt status gives them an unfair edge, objects to the trend.
Amid the widespread economic disruption caused by the pandemic, banks have already granted payment deferrals of up to six months to a significant number of commercial and individual borrowers.
For an eight-hour period that began at 4 p.m. Wednesday, the PPP loan application portal is being reserved only for the nation’s smallest lenders: those with assets of less than $1 billion.
But the bankers also say it’s unclear how the pandemic might affect commercial customers—and the banks themselves—in the longer term.
The bank is leasing a three-story, 12,500-square-foot space at 46 Monument Circle that formerly housed employees of Indianapolis Monthly.
