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.
In its information letter to banks, the regulator advises them to choose the format for providing financial services based on the number of residents and their income levels.
The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, chaired by French Hill (AR-02), convened today for a hearing titled “Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets.”
A press conference will be held on June 7 at 17:00 following the Board of Directors' monetary policy meeting, according to an announcement by the Bank of Russia. Governor Elvira Nabiullina and Deputy Governor Alexey Zabotkin are scheduled to participate.
The May 2024 results of the monitoring of maximum interest rates on deposits in Russian rubles for the top ten credit institutions attracting the largest amount of household deposits are as follows:
On June 3, 2024, the Bank of Russia issued a 3-ruble silver commemorative coin to mark the 450th anniversary of the foundation of Ufa. This coin is part of the Cities series.
On 3 June 2024, the Bank of Russia issued new silver commemorative coins as part of its Historical Events series. The coins commemorate the 100th anniversaries of the foundation of the Republics of North Ossetia—Alania and Ingushetia.
The value of assets managed by management companies increased by 5.8% in the first quarter of 2024. Unit investment funds (UIFs) exhibited the highest growth in assets, maintaining 60% of the total assets under management.
Using data on South Africa’s commercial banks from 2005 to 2018, this study investigates the impact of bank regulation on bank performance. The research employs a fixed effects model for regression analysis and the data envelopment analysis approach to estimate efficiency scores.
The Bank of Russia’s spring session of online classes on financial literacy was viewed 3.2 million times, with participation from more than half of Russian schools (51%). In regions such as Tatarstan, the Chuvash Republic, Sevastopol, the Primorye Territory, and the Ryazan and Murmansk Regions, all schools participated without exception. Additionally, two-thirds of Russia’s technical schools and colleges watched the spring session.
House Financial Services Committee Chairman Patrick McHenry (R-NC) and U.S. Senator Cynthia Lummis (R-WY) led a letter to President Joe Biden urging him to reconsider his threat to veto Staff Accounting Bulletin (SAB) 121 Congressional Review Act (CRA), which passed the Senate and House with strong bipartisan support.
The Bank of Russia will now require credit rating agencies (CRAs) to disclose credit ratings along with the assessment of stand-alone creditworthiness of rated entities. The central bank has published a draft ordinance aimed at ensuring its regulatory impact assessment.