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 entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”

WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued a statement regarding the Consumer Financial Protection Bureau’s (CFPB) new proposal to eliminate medical debt from consumer credit reports.

In May, the value of securities declined in the Russian stock and debt markets, while the ruble strengthened against foreign currencies in the foreign exchange market.

House Financial Services Committee Chairman Patrick McHenry (NC-10) issued a statement today in response to the Consumer Financial Protection Bureau's (CFPB) notice of proposed rulemaking, which aims to exclude medical debt from credit reports.

On June 11, 2024, U.S. Representative Mike Flood (NE-01) led Republicans on the House floor as lawmakers debated H.R. 537, the Forgotten Heroes of the Holocaust Congressional Gold Medal Act. The proposed legislation seeks to posthumously award the Congressional Gold Medal to 60 diplomats in recognition of their efforts to save Jews from the Nazis during the Holocaust.

Recent data indicate that both nominal and real interest rates continued to increase in May. Lending activity remained high, as the tightening of price and non-price conditions did not yet fully affect the credit and deposit market. The annual growth rate of monetary aggregates was still above the values observed from 2017 to 2019.

In May 2024, the amount of incoming payments made through the Bank of Russia increased by 12.3% compared to the first quarter averages of 2024.

The European Central Bank (ECB) Governing Council announced they will lower three ECB interest rates by 25 basis points.

On June 7, 2024, Bank of Russia Governor Elvira Nabiullina announced the decision to maintain the key rate at 16% per annum. This decision follows a period marked by a pause in the deceleration of current inflation and sustained high economic growth rates.

The Bank of Russia has announced adjustments to the market risk regulation for credit institutions. The primary change involves the exclusion of derivatives hedging bank balance sheet risks, such as interest rate risk, from the market risk assessment. This adjustment aims to alleviate pressure on banks' capital and promote the development of risk hedging practices.

The South African Reserve Bank (SARB) has imposed administrative sanctions on Bank of China Limited, Johannesburg Branch (BOC Jhb) 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 2021, which assessed data from the period between 2016 and 2020.

In January to March 2024, insurance premiums totaled ₽578.4 billion, marking a 5.5% increase year-on-year.

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced an upcoming hearing. The Full Committee Hearing is entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.”

Christine Lagarde, President of the European Central Bank (ECB), and Vice-President Luis de Guindos announced a reduction in the ECB's key interest rates by 25 basis points. This decision follows an updated assessment of inflation and monetary policy transmission. "Based on our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission, it is now appropriate to moderate the degree of monetary policy restriction after nine months of holding rates steady," said Lagarde.

On June 6, 2024, coinciding with the birth anniversary of Alexander Pushkin, the Bank of Russia issued a silver commemorative coin titled ‘The Tale of Tsar Saltan’. The poet drew inspiration for this fairy tale from Russian folklore, incorporating characters and images that have since influenced various artistic domains.

Amid the stabilization of the ruble exchange rate and a rise in stock prices, the number of active clients in the stock market began to grow in Q1 2024. On average, 3.8 million investors conducted transactions on the Moscow Exchange monthly, which was 0.2 million more than in the previous quarter.

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a hearing titled "Oversight of the FDIC’s Failed Leadership and Toxic Workplace Culture." The hearing is scheduled for 10:00 AM ET on Wednesday, June 12, 2024, at the 2128 Rayburn House Office Building.

On June 5, 2024, a press conference was held to discuss the latest monetary policy decision. Senior Deputy Governor Carolyn Rogers joined the discussion.

Russia’s payment market is among the most technology-intensive globally. Its development has been driven by the needs of people and companies, as well as the level of digitalization in the domestic economy. The main objectives of advancing payment services in all countries are to make payment processing simple, convenient, and fast. The technologies addressing these objectives are the focus of the Bank of Russia’s analytical paper "Payment Digitalisation and Innovations in the Payment Market."

The Bank of Canada today reduced its target for the overnight rate to 4¾%, with the Bank Rate at 5% and the deposit rate at 4¾%. The Bank is continuing its policy of balance sheet normalization.