STATE GOVERNMENT RELATIONS
IEDC Awards $1M to Support Entrepreneurial Projects
The Indiana Economic Development Corp. announced it is awarding more than $1 million in grants through its Community Collaboration Fund.
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Indiana Farmland Prices Increase Despite Downward Pressure
The Purdue University Farmland Value and Cash Rent Survey showed that Indiana farmland prices once again hit a new record in 2024. The average price of top-quality farmland is $14,392, up 4.8% from June 2023.
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Hoosier Home Sales Picking Up
Falling mortgage rates and a rising home supply resulted in a 7% increase in sales from June to July and a 6% increase compared to July 2023. Statewide, the median sale price dropped to $264,000 from $273,000 in June.
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FEDERAL GOVERNMENT RELATIONS
Associations Challenge New Illinois Law Restricting Interchange Fees
The Illinois Bankers Association, the American Bankers Association and two credit union associations are challenging an Illinois law banning the collection of interchange fees on the portion of a debit or credit card transaction attributable to tax or gratuity.
CFPB to ‘Crack Down’ on Bank Chatbots
The Biden administration announced that the Consumer Financial Protection Bureau is planning to issue rules or guidance “to crack down on ineffective and time-wasting chatbots” used by banks and other financial institutions.
Inspector General Report Finds FHFA Systems Vulnerable to Hacking
The Federal Housing Finance Agency’s information technology network has “serious vulnerabilities that increase the likelihood that hacking attempts will succeed,” the FHFA Office of Inspector General concluded in a new report.
Fed’s Bowman Advises Caution on Bank Merger, Liquidity Reforms
Federal Reserve Governor Michelle Bowman said that regulatory reforms should promote a healthy banking system and acknowledge the important role that mergers and acquisitions play in helping the system stay that way.
FDIC: Interactive Teller Machines Not Considered Bank Branches
State nonmember banks do not need the Federal Deposit Insurance Corp.’s consent to establish a bank branch when setting up interactive teller machines in locations without a physical branch, the agency said in a financial institution letter.