The latest Composite Business Cycle Indicators report for April 2024 has been released. According to the data, there are no significant changes from previous months.
Board Member NOGUCHI delivered a speech in Saga on April 18, 2024, focusing on economic activity, prices, and monetary policy in Japan.In the speech, NOGUCHI stated, "The current economic conditions require careful monitoring and assessment to ensure stability and growth."According to the Bank of Japan, the full text of NOGUCHI's speech is now available for review.
The Monetary Policy Review for April 2024 has been released. The document outlines the current economic conditions and the measures being taken to address them.
The U.S. Department of the Treasury has announced a proposed directive regarding Form BA 400, aimed at enhancing transparency and efficiency in financial reporting. This proposal seeks to update the current regulations governing the submission of this form.
In 2013, South Africa aligned its bank regulatory framework with the Basel III accord. This move introduced capital and liquidity adequacy requirements to manage the financial cycle through macroprudential policy. The regulations aim to enhance banking system resilience but may also alter lending behaviors, impacting loan availability and terms for specific credit market segments. This issue is particularly relevant in emerging markets like South Africa, where market segmentation and inequality are pronounced.
The South African Reserve Bank (SARB) has announced a proposed guidance note on Form BA 400. The aim is to enhance the accuracy and reliability of data reported by banks.
Results from the Market Participants Survey for the first quarter of 2024, conducted from March 7 to 15, 2024, have been released, providing insights into the economic outlook for Canada. The survey, based on questionnaire responses from approximately 30 financial market participants, revealed various forecasts and probabilities regarding GDP growth, inflation, monetary policy, and financial assets.According to the survey, respondents provided their forecasts for real GDP growth in Canada. The median forecast for the end of 2024 is 1.0%, with a 25th percentile forecast of...
The Australian Prudential Regulation Authority (APRA) has issued a proposed guidance note on bank capital adequacy. The guidance, identified as BA410 and BA420, aims to provide clarity on the application of prudential standards for banks in Australia.
The South African Reserve Bank (SARB) has published the Digital Payments Roadmap. This roadmap aims to achieve the goals and strategies outlined in the National Payment System Framework and Strategy: Vision 2025. The objectives include promoting competition and innovation, ensuring cost-effectiveness, enhancing interoperability, and advancing financial inclusion.
The House Financial Services Committee, under the leadership of Chairman Patrick McHenry, has advanced 13 pieces of legislation to the full House for consideration. Among these measures are Congressional Review Act (CRA) resolutions aimed at addressing regulatory oversteps and promoting financial innovation.One of the bills, H.R. 5535, known as the “Insurance Data Protection Act,” presented by Rep. Scott Fitzgerald, focuses on limiting the ability of certain offices to subpoena data directly from insurance companies. Instead, the bill advocates for collaborative efforts...
The U.S. House of Representatives has passed Representative Young Kim’s (CA-40) H.R. 6323, the Iran Counterterrorism Act of 2023. The bill requires Iran to cease support for acts of international terrorism as a condition for the President to waive secondary sanctions imposed on the regime in Tehran. It also establishes a congressional review process for national security interest waivers of these sanctions if Iran continues its support for global terror.Chairman McHenry (NC-10) expressed his support for the bill, stating, “Hamas’s terrorist strike last October on innocent...
In a recent session, Chairman McHenry delivered remarks at the markup of regulatory oversight legislation by the House Financial Services Committee. The Committee discussed various measures aimed at nullifying regulatory oversteps, promoting innovation, and correcting existing law provisions.Chairman McHenry welcomed participants to the markup, stating, "Good morning, everyone. Welcome back to another Financial Services Committee markup." He emphasized the importance of the day's agenda by mentioning, "Today we will consider several regulatory oversight measures. This...
The European Commission has proposed a directive aimed at establishing minimum regulatory requirements for mutual banks concerning covered deposits. The directive is part of a broader effort to enhance the stability and resilience of the banking sector within the European Union.
The European Banking Authority (EBA) has announced the launch of a public consultation on its draft Guidelines regarding minimum regulatory requirements relating to covered deposits. This initiative is part of the EBA's ongoing efforts to ensure harmonization across the EU in the application of these requirements.
Washington D.C., Apr 16 2024 - Today, on the House floor, Chairman of the House Financial Services Committee, Patrick McHenry, advocated for H.R. 6323, the Iran Counterterrorism Act of 2023. McHenry expressed concern over Iran's recent aggression towards Israel, stating, "Mr Speaker, over the weekend, we witnessed Iran’s unprecedented attack on our greatest middle eastern ally and the lone democracy in the region—Israel."Highlighting the seriousness of the situation, McHenry pointed out, "Tehran struck our friends in Israel with a swarm of missiles and drone attacks...
Representative Andy Barr (KY-06) led the House Financial Services Subcommittee on Financial Institutions and Monetary Policy in a hearing to review the financial reporting and transparency of the Consumer Financial Protection Bureau (CFPB).During the hearing, Chairman Barr expressed concerns about the lack of transparency and accountability within the CFPB, stating, “The CFPB is increasingly out of control and lacks transparency because there are virtually no checks on the agency’s power.” He also highlighted the agency's refusal to provide a witness for the hearing,...
The U.S. House of Representatives recently passed a series of bipartisan financial services bills aimed at holding Iran accountable for its acts of international aggression and financing of terrorism. The legislation includes four key bills sponsored by various representatives.One of the bills, H.R. 5923, the "Iran-China Energy Sanctions Act of 2023," sponsored by Rep. Mike Lawler (NY-17), expands the secondary sanctions regime involving Iran to include transactions between Chinese financial institutions and sanctioned Iranian banks handling the purchase of petroleum and...
The House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Subcommittee Vice Chair Young Kim, convened a hearing titled “Held for Ransom: How Ransomware Endangers Our Financial System” on April 16, 2024.During the hearing, Vice Chair Young Kim expressed gratitude to the witnesses and colleagues present, stating, "I would like to begin by thanking our witnesses for taking the time to be here today. I am delighted to sit right next to my friend and colleague, Representative Beatty. Additionally, I would...
Representative Young Kim (CA-40) testified before the House Committee on Rules in support of her bill, H.R. 6323, the Iran Counterterrorism Act of 2023. The bill aims to address Iran's support for international terrorism and the need for greater congressional oversight on U.S. sanctions waivers for Tehran.Kim emphasized the urgency of the situation, stating, "Israel is confronting a critical moment as it fights for its right to exist. Iran and its proxies continue to attack our greatest ally in the middle east and the lone democracy in the region." She highlighted Iran's...