QUOTABLE

billion from their bank accounts on a seasonally adjusted basis, according to Federal Reserve data.

But the banking industry was already facing challenges before the banks collapsed. In fact, total U.S. bank deposits declined year-over-year in 2022, according to data released by the Federal Deposit Insurance Corporation. That was the first time bank deposits declined since 1948, The Wall Street Journal reported.

preventive services requirement violates Article II of the U.S. Constitution, which vests the executive authority of the U.S. in the president but allows executive authority to be exercised by officers nominated by the president and confirmed by the Senate or by other “inferior officers,” as designated by law to be appointed by the president or heads of departments. Plaintiffs also argue that the requirement for them to cover HIV prevention measures such as PrEP drugs for free violated their religious freedom.

Sixteen percent of U.S. adults moved their money as a direct result of the SVB and Signature Bank closures, according to a survey by Morning Consult.

9 In 10 Americans Worry About Cost Of Living

Inflation and price increases are fueling Americans’ concerns over the cost of living, with a CFP Board survey showing nine our of 10 Americans worry about how much it takes to afford life’s necessities.

AMERICANS PULLED NEARLY $100B OUT OF BANKS AMID COLLAPSE

As Silicon Valley Bank and Signature Bank collapsed, Americans withdrew $98.4

The survey found 63% of Americans are concerned about purchasing necessities, such as food and clothing, and 55% are concerned about paying their rent or mortgage. Americans also worry about the cost of living (89%) as well as inflation and price increases (87%). So how are they fighting back against these concerns? Survey respondents said they are buying items on sale (72%), buying cheaper brands (65%), cooking at home (64%) or buying fewer products (63%).

Older Americans are especially concerned about rising costs. Consumers 45 and older are more concerned than their younger counterparts about the cost of living (92% vs. 85%) and inflation or price increases (94% vs. 80%).

Source: Monster