Finance

The Consumer Financial Protection Bureau issued an advisory Thursday warning that funds stored in payment apps like PayPal and Venmo are not federally insured, unlike bank deposits.

The average rate for a 30-year fixed rate mortgage increased to 6.79% for the week ending June 1, according to Freddie Mac. Meanwhile, the Fed said it’s weighing in on the possibility of another interest rate hike.

Rep. Alex Mooney introduced the Digital Dollar Pilot Prevention Act on Thursday in the latest effort to block a central bank digital currency from being issued in the U.S.

Fannie Mae has forecasted a recession in 2023 since last April and said the tightening in credit lending would likely lead to slower future business investment this year.

Debt ceiling vote, jobs and housing data and Elizabeth Holmes expected to report to jail to serve her 11-year sentence for fraud.

Inflation remains stubborn despite the Fed's 10 rate hikes creating more uncertainty about the whether policymakers will pause at their June meeting.

Costco CFO Richard Galanti said Thursday during the company's third-quarter earnings call the company has been "fortunate" regarding theft.

Consumer debt reached a record of $17.05 trillion in Q1 2023. Many Americans still deal with high inflation and are seeking help from their financial institutions, reports say.

Morgan Stanley CEO James Gorman announced he is stepping down from his chief executive position at the bank's annual shareholders meeting this week.

Billionaire real estate mogul Sam Zell died Thursday at age 81 after a career spanning 50 years. He founded Equity Residential in 1968 and was an active philanthropist.

New York Federal Reserve data released Monday shows household debt hit a fresh record in the first quarter of 2023 as high inflation squeezes Americans.

Home purchase sentiment increased month-over-month in April, according to the latest data by Fannie Mae. However many would-be homebuyers are still concerned over home price volatility and other factors.

Goldman Sachs unveiled a new AI-powered social media platform, named Louisa, aimed at facilitating corporate connections for employees.

The Fed has noted that the job market has a robust supply but warned that if it grew "tight" it might prompt the need for further rate hikes, which the bank is not keen to pursue.

The team for Florida Gov. Ron DeSantis released a new video that touts the governor signing legislation to ban the use of a central bank digital currency.

Gristedes CEO John Catsimatidis explained when Americans will see a break at the supermarket.

The cryptocurrency exchange Binance.US has canceled a deal to purchase the bankrupt crypto exchange Voyager Digital for $1.3 billion.

The Consumer Price Index (CPI), a measure of inflation, rose 4.9% year-over-year in April, a slowdown from the 5% increase in March, according to the Bureau of Labor Statistics (BLS).

The Swiss Federal Department of Economic Affairs has frozen approximately $8.3 billion in assets owned by the Russian Central Bank, according to a new report.

Inflation and interest rate hikes have negatively impacted Americans' financial well-being and many have made no progress in saving for retirement or building emergency funds, according to a survey by Morning Consult. Here’s what you need to know.