Consumer protection agency finalizes rule limiting overdraft fees
The Consumer Financial Protection Bureau announced Thursday that it has finalized new rules limiting the fees that banks can charge when customers overdraw their accounts.
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‘Cautiously optimistic’: Attorneys say inflation causing banks, clients to ‘sharpen pencils,’ but projects, investments moving ahead
Between interest rates, labor shortages, supply chain issues, the ongoing war in Ukraine and the aftereffects of COVID-19, debtors and creditors are facing some uncertainties, attorneys say.
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Indianapolis-based ag company sues JPMorgan Chase over freeze of $3M
Agricultural Chemical Solutions Inc. and the wife of the company’s president are suing the bank for fees incurred because they allegedly were unnecessarily denied access to more than $3 million. A representative for JP Morgan Chase did not immediately respond to a request for comment.
Everwise Credit Union appoints new chief legal and risk officer
Everwise Credit Union has appointed a new Chief Legal + Risk Officer, the first person to hold the brand-new role for the company.
Fifth Third Bank to pay $5M to settle auto insurance allegations
Fifth Third Bank has agreed to pay millions to settle allegations that it forced auto loan customers into duplicative car insurance policies that made their monthly payments more expensive, leading in some cases to repossessions of vehicles from customers who could not afford to pay.
Anderson man gets 15 years in prison for 2021 bank robbery
An Anderson man has been sentenced to more than 15 years in federal prison after pleading guilty to bank robbery and discharging a firearm during a crime of violence.
Americans have become saddled with credit card debt. Now renters and poor people are falling behind
While the U.S. economy is broadly healthy, pockets of Americans have run through their savings and run up their credit card balances after battling inflation for more than two years.
No error in granting receiver’s turnover motion after deposits in out-of-state bank account, COA affirms
A trial court did not err in issuing a turnover order to obtain assets in a case involving millions of dollars in promissory notes, the Court of Appeals of Indiana has ruled in affirming a lower court’s decision.
COA cites doctrine of laches, affirms trial court’s award of summary judgment to bank
A bank’s request to dismiss a long-dormant civil lawsuit for failure to prosecute was untimely, but a trial court was correct in entering summary judgment for the bank based on the doctrine of laches, the Court of Appeals of Indiana affirmed Wednesday.
Gary man gets 2 life sentences in bank robbery where guard slain
A northwestern Indiana man will spend the rest of his life in prison for his role in the fatal shooting of a security guard during a bank robbery.
Public pension plan losses from bank failures seen as minor
When two tech-linked U.S. banks failed this month, among the investors who lost millions were public-sector pension funds responsible for ensuring the retirements of teachers, firefighters and other government workers.
Class action suit filed against Silicon Valley Bank parent
A class action lawsuit is being filed against the parent company of Silicon Valley Bank, its CEO and its chief financial officer, saying the company didn’t disclose the risks that future interest rate increases would have on its business.
U.S. government moves to stop potential banking crisis
The U.S. government took extraordinary steps Sunday to stop a potential banking crisis after the historic failure of Silicon Valley Bank, assuring all depositors at the failed institution that they could access all their money quickly, even as another major bank was shut down.
Jurkiewicz: Deposit account security interest can overcome garnishment
As long as the bank takes appropriate steps in response to the garnishment paperwork, the bank’s perfected security interest in the deposit account will defeat any interest asserted by the judgment creditor.
Old National Bank sues over failed software
Old National Bank is suing financial technology firm Backbase over what Indiana’s largest homegrown bank is describing as Backbase’s “unmitigated failure” to fulfill $18 million in software contracts for a Chicago bank Old National has acquired.
Bank to pay $31M redlining settlement, DOJ’s largest ever
The Justice Department accused Los Angeles-based City National Bank on Thursday of discrimination by refusing to underwrite mortgages in predominantly Black and Latino communities, requiring the bank to pay more than $31 million.
First Merchants emerges from fair-lending settlement agreement
Muncie-based First Merchants Bank and the U.S. Department of Justice have agreed to end a settlement agreement that had been put in place in 2019 after the bank was accused of discriminatory lending practices in certain Indianapolis neighborhoods.
COA finds for Purdue Federal Credit Union in overdrafting dispute
A proposed class-action complaint concerning overdraft fees against Purdue Federal Credit Union will not move forward after the Court of Appeals of Indiana affirmed PFCU’s granted motion to compel arbitration.
COA reverses for woman who filed class action against IU Credit Union regarding overdraft fees
A woman who had her class-action complaint against IU Credit Union sent to arbitration has secured a reversal in an interlocutory appeal by the Court of Appeals of Indiana.
COA: ‘Veteran attorney’ guarantor still on hook for loan despite multiple modifications to agreement
A “veteran attorney” who signed as the guarantor of a $600,000 loan is obligated to cover the debt after the borrower defaulted and the Court of Appeals of Indiana found modifications to the loan agreement did not alter his financial responsibility.
Jury convicts Gary man in bank robbery where guard was slain
A federal jury has convicted a Gary man of armed robbery and a weapons charge in the slaying of a bank security guard last year, prosecutors said Thursday.