WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered an opening statement at a nominations hearing for several key financial regulatory positions.
The Bank of Russia has introduced a new category of brokerage clients, termed "clients with an initial risk level," which will include beginner investors lacking experience in trading securities or derivatives. This initiative is part of the Bank of Russia ordinance aimed at mitigating risks associated with leverage trading for novice investors.
In accordance with Clause 5.1 of Bank of Russia Ordinance No. 3439-U, dated November 6, 2014, titled 'On the Procedure for the Bank of Russia to Recognise Credit Institutions as Important in the Payment Services Market,' the Bank of Russia reports that the short name of the credit institution Tinkoff Bank (Reg. No. 2673), recognized by the Bank of Russia as important in the payment services market and included in the relevant register, was changed to TBank on July 4, 2024.
The Bank of Russia has released an updated table comparing the national rating scales of Russian credit rating agencies (CRAs) listed in its register. This comparison table, which incorporates data on one-year theoretical probabilities of default according to the national rating scale for the Russian Federation, is designed for public dissemination.
Based on the findings of investigations, the Bank of Russia has established facts of market manipulation in transactions with futures and options contracts in on-exchange trading.
Russia, alongside other countries, is currently discussing the economic and legal nature of stablecoins and approaches to their regulation. The Bank of Russia has analyzed international trends in the field of stablecoins in its analytical report.
On July 10, 2024, Chairman of the House Financial Services Committee Patrick McHenry (NC-10) led Republicans in a debate on the House floor concerning a veto message accompanying H.J. Res. 109. This resolution pertains to congressional disapproval under chapter 8 of title 5, United States Code, of a rule submitted by the Securities and Exchange Commission (SEC) related to "Staff Accounting Bulletin No. 121."
The House Financial Services Committee is holding its semi-annual hearing with Federal Reserve Chairman Jerome Powell today. Amid ongoing inflation concerns, Republicans are urging Chair Powell to maintain the Federal Reserve's independence and resist political pressures, particularly regarding proposals like Basel III Endgame.
Both nominal and real interest rates continued to grow, according to recent data. Moreover, real interest rates hit new record highs, while households’ and businesses’ inflation expectations increased less notably.
The imposition of restrictive measures on the Moscow Exchange was anticipated. Therefore, their impact on the ruble was short-term and minimal when the switch to the over-the-counter (OTC) mechanism of determining the ruble/US dollar and ruble/euro rates was carried out.
The House Financial Services Committee, chaired by Patrick McHenry (NC-10), convened a hearing today with Treasury Secretary Janet Yellen to discuss the state of the international financial system. Republicans emphasized concerns over the Biden Administration's foreign policy strategies, suggesting these approaches undermine America's global leadership.
A new range of banking products has been developed for low-income individuals receiving social support from the government. They will have the opportunity to open bank accounts and deposits on special, more favorable conditions. The draft law about social bank accounts and deposits was approved by the State Duma in the second and third readings.
WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, delivered an opening statement at a hearing titled “The Semiannual Monetary Policy Report to the Congress.”
The Ural Forum of the Bank of Russia is scheduled to discuss development trends and paths in cybersecurity, import substitution, operational resilience of financial institutions, conditions for the safe implementation of digital and payment technologies, and other significant topics.
The Bank of Russia has commenced the publication of credit ratings assigned by Russian rating agencies to companies and financial instruments. This information will be consolidated into a single resource.
The South African Reserve Bank (SARB) has imposed administrative sanctions on Safrican Insurance Company Limited (Safrican) due to its non-compliance with the provisions of the Financial Intelligence Centre Act 38 of 2001 (FIC Act). This decision follows a FIC Act inspection conducted in 2020.
The Bank of Russia has released its annual ranking of insurers based on complaints related to Compulsory Motor Third Party Liability Insurance (CMTPLI) for 2023. The companies are listed according to their consumer risk indicator, which is calculated as the ratio of the number of complaints received by the Bank of Russia per 10,000 insurance contracts concluded.
On July 5, 2024, the Bank of Russia issued a two-ruble silver commemorative coin titled ‘Surgeon Alexander Vishnevsky,’ marking the 150th anniversary of his birth. This release is part of the Outstanding Personalities of Russia series (Catalogue No. 5110-0184).
On July 5, 2024, the Bank of Russia issued one-ruble silver commemorative coins as part of the Russian Sports series. The series includes two coins: "Spartak" and "Labor Reserves." These one-ruble silver coins have a fine precious metal content of 7.78 grams and a fineness of 925/1,000. They are round in shape with a diameter of 25.0 mm.
The June 2024 results of the monitoring of the maximum interest rates on deposits in Russian rubles for the top ten credit institutions attracting the largest amount of household deposits are as follows: