The Banking Standards Committee has adopted the Standard for Protecting the Rights and Legitimate Interests of Mortgage Borrowers, approved by the Bank of Russia. The new standard aims to minimize high-risk mortgage lending schemes and ensure banks provide borrowers with detailed information about lending terms and associated risks.
The Bank of Russia has announced an extension of restrictions on money transfers abroad for non-residents from states it considers unfriendly. These measures, which apply to both individual and legal entity accounts managed by Russian brokers and trust managers, will be in place for another six months starting October 1, 2024.
Ahead of a scheduled hearing with the full Securities and Exchange Commission (SEC), Republicans from the House Financial Services and Senate Banking, Housing, and Urban Affairs Committees have called on SEC Chair Gary Gensler to rescind Staff Accounting Bulletin (SAB) 121. The letter was led by Chairman Patrick McHenry (R-NC) and Senator Cynthia Lummis (R-WY).
Remote lending channels are expanding primarily due to the technological capabilities of large companies. Over the quarter, the proportion of online loans issued by microfinance organizations (MFOs) grew from 81% to 84%, and in the segment of payday loans, they accounted for 96%.
Banks will not be allowed to charge citizens for money transfers in favor of the government (C2G-payments) made via the Faster Payments System (SBP). This includes payments for kindergartens, extracurricular clubs and activities, as well as taxes and fines.
Over the year since July 2023, the number of regions with increased risks of fraud in the compulsory motor third-party liability insurance (CMTPLI) sector has dropped from ten to four. These data are given in the latest issue of the Monitoring of Regional Risks of Misconduct in CMTPLI.
On October 1, 2024, the Bank of Russia will launch a service that allows users to request and obtain reference information on whether the Know Your Customer (KYC) Platform classifies an individual entrepreneur or a legal entity as a party with a high risk of involvement in suspicious transactions.
By the Order of the Bank of Russia Governor, Andrey Gangan has been appointed as Director of the Monetary Policy Department, effective from October 2, 2024.
Representatives of the central banks of seven BRICS countries participated in cyber drills organized by the Bank of Russia. The event, held over several days, focused on training participants to counter urgent cybersecurity threats.
On September 19, 2024, Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) led Republicans on the House floor as lawmakers debated H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act.
The U.S. House of Representatives has passed H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act, sponsored by Subcommittee Chairman Bill Huizenga (MI-04) of the Financial Services Committee’s Republican ESG Working Group.
External Deputy Governor Nicolas Vincent provided an inside look at how the Bank of Canada’s Governing Council reaches its monetary policy decisions. Speaking to the Chambre de commerce et industrie de Sherbrooke, Vincent detailed the comprehensive process undertaken by the council.
Annual price growth decelerated in 51 regions in August, most notably in the Primorye Territory and the Kaliningrad Region. Over the year, prices increased by 9.1% across Russia as a whole, which is slightly lower than the July values.
Today, the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Chairman Blaine Luetkemeyer (MO-03), is holding a hearing entitled “Protecting Americans' Savings: Examining the Economics of the Multi-Billion Dollar Romance Confidence Scam Industry.”
The Reserve Bank of Australia (RBA) and Treasury today released a report summarizing research to date on central bank digital currency (CBDC) and how this has informed the RBA and Treasury's current assessment of CBDC issues in Australia. The report also sets out a three-year roadmap for future work on digital money in Australia.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), joined House Majority Whip Tom Emmer (MN-06) in sending a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler. The Congressmen are seeking clarity on the regulatory classification of digital asset airdrops.
The Bank of Canada has released a summary of the deliberations by its Governing Council that led to the monetary policy decision on September 4, 2024. This account provides insight into the discussions held during stage three of the Bank's monetary policy decision-making process, which occurs after members have received all staff briefings and recommendations.