Founders, employees of Westfield financial firm accused of $10M fraud
Prosecutors allege that the defendants engaged in a 13-year-long scheme to defraud the Small Business Administration.
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Payday lending industry gains upper hand in Statehouse fight
A Senate bill addressing subprime lending, which had a 69-page strip-and-insert amendment released the night before passing out of committee, is headed to the House.
Group launches $15M loan fund for housing near IndyGo stops
The goal is to preserve or spur development of 1,000 affordable housing units within close distance of an Indianapolis transit stop over the next five years.
Carmel-based Merchants Bancorp to acquire Florida-based lender
NattyMac, which was established in 2004, has a historical connection with Indianapolis and was sold to its current owner in 2017 for $211 million.
Black Friday breathing life back into no-interest auto loans
The share of U.S. vehicle sales financed with zero-percent loans has been shrinking, but several automakers are rolling out no-interest loans for Black Friday.
First Internet sees quarterly growth in profit, loans
The Fishers-based bank reported that the quality of its loans improved even as its loan portfolio grew larger. Much of the growth came from commercial loans.
Fed raises rates for third time this year with one more hike expected
The Federal Reserve on Wednesday lifted its short-term rate for the eighth time since late 2015, and the Fed indicated that it expects to continue gradual increases.
Fed poised to raise rates for a third time this year
The modest rate increase that's widely expected reflects the continued resilience of the U.S. economy, now in its 10th year of expansion, the second-longest such stretch on record.
U.S. credit scores hit new high while household debt skyrockets
The new record comes on the heels of other signs that consumers are finally shrugging off a recession hangover, despite stubbornly stagnant wages that haven’t matched mushrooming corporate revenue.
Colleges ask for share of future salary in lieu of loans
In contrast with traditional loans, students with income share agreements pay back a percentage of their salary for a set period of time after graduation.
Healthy cash flow curbs businesses’ appetite for financing
A survey released Monday shows that only 30 percent of companies tried to raise outside financing during the previous three months.
Fishers-based Strada Education to sell Student Connections
Of Student Connections’ 58 employees in Indianapolis, 42 are expected to keep their jobs after the acquisition.
Wells Fargo expected to be fined $1B for lending abuses
The potential $1 billion fine would be largest ever imposed by the Office of the Comptroller of the Currency, the bank's main national regulator, and the Consumer Financial Protection Bureau, the federal watchdog bureau.
Zero-percent auto loan era fading into America’s rearview mirror
Carmakers that used zero-percent financing offers to juice sales at the height of the American auto boom are starting to abandon them as rising interest rates lift their own borrowing costs.
Carmel-based Baker Hill accelerating growth with product launch, partnerships
The financial software firm this week announced a strategic partnership it said should accelerate the company’s growth and local employee base.
Committee chairman kills divisive payday lending bill
The bill called for the creation of a new type of payday loan that would have allowed for annual percentage rates of up to 222 percent.
Student-debt firms shielded from state probes in new federal plan
Student-loan debt collectors accused of misleading borrowers would get more protection under a proposal from the Trump Administration.
Payday lending bill faces uncertain fate in Indiana Senate
The Republican leader of the Indiana Senate says he is opposed to legislation to expand payday lending and allow for rates more than triple what is currently permitted under the state's criminal loansharking law.
Fed rate hikes squeezing even the nation’s hottest automaker
Subaru Corp., the only car manufacturer to boost U.S. sales every year in the last decade, is continuing to offer cheap financing on models even as rates rise, pinching margins in a plateauing market.
House advances ‘hillbilly venture capital’ bill pushed by payday loan industry
House Bill 1319, which would allow the short-term loan industry to offer high-interest consumer loans, is opposed by veteran groups, religious institutions and consumer advocates.