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Signature Bank Team Joins Customers Bank, Part of $21B Customers Bancorp

Customers Bank, a subsidiary of Customers Bancorp (NYSE:CUBI), has announced the successful onboarding of nearly 30 team members formerly employed by Signature Bank, once known for its crypto-friendly stance. This move follows the closure of Signature Bank by its state chartering authority, as announced in a joint statement by the Treasury, Federal Reserve, and FDIC … Continue reading Signature Bank Team Joins Customers Bank, Part of $21B Customers Bancorp

Just In: US PCE Price Index Rises, Exceeding Core Forecasts; Bitcoin and Crypto Markets Show Mixed Reactions

The U.S. Personal Consumption Expenditures (PCE) Price Index, a key indicator of inflation, has once again shown an uptick, according to the latest data. The year-over-year PCE Price Index rose to 3.3%, aligning with forecasts but exceeding the previous month’s 3.0%. The Core PCE Price Index, which excludes volatile food and energy prices, also saw … Continue reading Just In: US PCE Price Index Rises, Exceeding Core Forecasts; Bitcoin and Crypto Markets Show Mixed Reactions

Reuters: Federal Reserve Announces Job Cuts

Despite public reassurances about the robustness of the U.S. economy, the Federal Reserve is preparing to downsize its workforce, according to Reuters. The central bank has confirmed plans to eliminate approximately 300 positions by the end of this year. This decision marks the institution’s first notable personnel reduction since 2010. Currently, the Federal Reserve system, … Continue reading Reuters: Federal Reserve Announces Job Cuts

SoFi Unveils 1% IRA Match to Spur Early Retirement Amid Millennial and Gen Z Aspirations

San Francisco-based digital personal finance company SoFi has announced a 1% match on all eligible Individual Retirement Account (IRA) contributions through its SoFi Invest platform, effective immediately. This initiative aligns with the recent findings from SoFi’s Ambition Survey conducted between August 21 to September 1, 2023, which revealed significant retirement-related aspirations among Millennials and Gen … Continue reading SoFi Unveils 1% IRA Match to Spur Early Retirement Amid Millennial and Gen Z Aspirations

US States Challenge CBDC as Legal Tender

Four states – Utah, South Carolina, South Dakota, and Tennessee – have filed bills challenging the status of CBDCs as legal tender. These states have proposed legislation to exclude CBDCs from their respective definitions of money, signaling a growing resistance against the federal government’s push towards digital currencies. Utah’s Stance on CBDC In Utah, Representative … Continue reading US States Challenge CBDC as Legal Tender

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