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.
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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.
Mortgage, auto loans push household debt to 5-year high
Accelerating increases in auto loan debt and mortgage credit helped propel total borrowings of U.S. households to the highest level since the first quarter of 2010, the Federal Reserve Bank of New York said Thursday.
Bank loan activity rising, but small-biz lending lagging
According to the Federal Deposit Insurance Corp., at the end of 2008 Indiana financial institutions had $4.6 billion in small-business loans on the books that originated for less than $1 million. That figure stood at $3.8 billion this past June, about 17 percent lower.
Indy Chamber beefs up its microlending territory
The U.S. Small Business Administration blessed the Chamber’s microlending division with a new designation, giving it more cash to deploy and a bigger geographical footprint.
Student-loan giant USA Funds overhauls mission
USA Funds’ business is dying. But the Fishers-based not-for-profit with nearly $600 million in annual revenue is determined to find new life helping students pay for college degrees.
Disaster loan outreach centers open in five counties
The agency said the centers in Morgan, Brown, Huntington, Jay and Jefferson counties opened Thursday to serve businesses, individuals and not-for-profits affected by storms and floods in June and July.
SBA loan approvals resume after Congress lifts lending limit
Loan approvals resumed after going on hold Thursday, when the SBA reached its $18.75 billion annual limit for loan guarantees.
Land near hot Fishers interchange set for sale after default
A couple of months after the sheriff's sale of the Fishers Banquet and Conference Center, an adjacent property with the same owners also is headed to auction.
31-state deal should make credit report errors easier to fix
Equifax, Experian and TransUnion struck the settlement with attorneys general in 31 states, including Indiana. It calls for the agencies to pay a combined $6 million to participating states and to adjust a host of business practices.
Chase closing student lending office, laying off 73
Expected to take effect in May, the Indianapolis layoffs are part of a company-wide strategy to wind down student loan services.
Bill would educate students about their college loans
Students using loans to pay for college might get some extra help when it comes to gathering information about their debt load if an Indiana House bill becomes law.
Springleaf CEO’s holdings surge to $151M on OneMain deal
Stock held by Springleaf Holdings CEO Jay Levine soared Tuesday after the Indiana-based firm said it would buy OneMain Financial from Citigroup. Still uncertain was how the deal would affect 1,155 Indiana employees after the company moves it headquarters.
Springleaf to move HQ out of state after $4B acquisition
Springleaf Holdings Inc.,a consumer lender that went public in 2013, plans to move its headquarters from Indiana to Connecticut after buying subprime lender OneMain Financial for $4.25 billion in cash.
Prominent jeweler retrenches after auction of inventory
Despite an auction of inventory to satisfy a debt, Aronstam Fine Jewelers is in no danger of closing, the store’s owner says, thanks to the help of outside investors.