Fed raises rate, boosts outlook for borrowing costs in 2017
New projections show the central bankers expect three separate quarter-point rate increases in 2017, up from the two seen in the previous forecasts.
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USA Funds to shed role as student loan guarantor
The Fishers-based not-for-profit announced Wednesday that it will transfer ownership of two affiliates—United Student Aid Funds and Northwest Education Loan Association—to Madison, Wisconsin-based Great Lakes Higher Education Corp. on Jan. 1.
House passes bill aimed at overhauling Dodd-Frank law
The House legislation is portrayed by its backers as a potential boon to regional or large community banks that didn't contribute to the financial meltdown, as opposed to the Wall Street powerhouses.
Former ITT Tech students launch federal debt strike
More than 100 former students of now-closed ITT Technical Institutes announced Wednesday they'll no longer make payments on their federal student loans, part of a revolt against what they call the Obama administration's negligence in policing for-profit colleges.
Old City Hall hotel project faces financing delay
Construction of a 21c museum and hotel slated to be built as part of a $55 million redevelopment of Old City Hall is not likely to start on time after the owner missed a deadline to secure financing.
Growing Missouri bank opens commercial office in Indy
Commerce Bank, which has operations in at least 11 states, tapped a local banking veteran to lead the new office, which is based on the north side.
Sallie Mae lands $2.4M in tax incentives for local expansion
As IBJ first reported Thursday morning, Newark, Delaware-based Sallie Mae plans to spend $15.7 million on the new office at 8425 Woodfield Crossing in northeast Indianapolis and add 278 workers to its existing staff.
Sallie Mae planning hundreds of jobs at new Indy office
Student loan provider Sallie Mae Bank is expected to announce plans Thursday morning to spend nearly $16 million on a collections office and call center that will hire up to 278 people before the end of 2023.
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.
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.
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.
Indiana businesses appear cautious about the economy
The owners of small and medium-size businesses in Indiana are not as enthusiastic about the economy and business outlook as their national counterparts.
Credit unions shed wallflower image, tread on banks’ turf
Some big Indiana credit unions are ramping up growth, undaunted by the increasingly competitive banking landscape.
UPDATE: Proposal to raise payday lending rates fails
The proposed amendment would have made it legal for payday companies to offer six-month loans of up to $1,000 at an annual interest rate of 180 percent.
Hoosier banks put bad-loan woes in rearview mirror
Indiana-based banks have been spending less and less writing off bad loans over the past several years, a trend that suggests they’ve cleaned up their loan portfolios and might be willing to increase their appetite for risk.
Bill would weaken protections for homeowners in foreclosure
Banks support proposed state legislation that could prevent Hoosier homeowners from using a settlement process to avoid foreclosure. But the sponsor of a bill with the controversial provision says he will strike it.
Guyer settled $400,000 in Durham debts for just $35,000
Dr. Dale Guyer—who was thrust into the spotlight this week after a news report suggested his Indianapolis clinic provided HGH to Peyton Manning—borrowed heavily from convicted Ponzi schemer Tim Durham, starting in 2003.
Lender discrimination might be bankrupting black churches
Of the 654 congregations to file for bankruptcy protection between 2006 and 2013, 60 percent had black pastors or predominantly black membership, according to an associate professor at the Indiana University Maurer School of Law.
Student debt may be the next crisis facing older Americans
Twenty-seven percent of education loans held by people age 65-74 were in default in 2013, meaning they hadn’t made a payment in 270 days or more. More than half of education loans held by people 75 and older were in default.
Veros investors out millions could recoup more than usual
The receiver appointed to recover investor losses from an alleged Ponzi scheme said he’s retrieved in five months about 20 percent of what investors were owed, a figure experts say is relatively high at this stage for such cases.