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Prepared Remarks Before The Small Business Capital Formation Advisory Committee, SEC Chair Gary Gensler, Washington D.C., May 6, 2024

Date 06/05/2024

Good morning. I’m pleased to speak with the Small Business Capital Formation Advisory Committee. As is customary, I’d like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf of my fellow Commissioners or the staff.

CFTC Commissioner Goldsmith Romero To Participate On An Artificial Intelligence Panel At The Asian Pacific American Institute For Congressional Studies’ Legislative Leadership Summit

Date 06/05/2024

Federal Reserve: Senior Loan Officer Opinion Survey On Bank Lending Practices

Date 06/05/2024

Release Dates 

Survey of up to eighty large domestic banks and twenty-four U.S. branches and agencies of foreign banks. The Federal Reserve generally conducts the survey quarterly, timing it so that results are available for the January/February, April/May, August, and October/November meetings of the Federal Open Market Committee. The Federal Reserve occasionally conducts one or two additional surveys during the year. Questions cover changes in the standards and terms of the banks' lending and the state of business and household demand for loans. The survey often includes questions on one or two other topics of current interest.

US Federal Agencies Issue Proposal On Incentive-Based Compensation

Date 06/05/2024

The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Housing Finance Agency (FHFA), have adopted a Notice of Proposed Rulemaking (NPR) to address incentive-based compensation arrangements, as required under section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (section 956).  The National Credit Union Administration (NCUA) is expected to take action on the NPR in the near future. The U.S. Securities and Exchange Commission (SEC) has included a rulemaking to implement section 956 on its rulemaking agenda. This NPR is intended to advance stakeholder engagement needed to develop a final incentive-based compensation rule.

TMX Group Announces Election Of Directors

Date 06/05/2024

TMX Group today announced that the nominees listed in the management proxy circular for the 2024 Annual and Special Meeting of Shareholders were elected as directors of TMX Group Limited. Detailed results of the vote for the election of directors held at the Annual and Special Meeting on Friday, May 3, 2024 are set out below.

CFTC Commissioner Goldsmith Romero To Speak At The World Economic Forum’s Industry Strategy Meeting 2024

Date 06/05/2024

US Office Of Financial Research Adopts Final Rule For Data Collection Of Non-Centrally Cleared Bilateral Transactions In The U.S. Repurchase Agreement Market

Date 06/05/2024

The Office of Financial Research (OFR) today adopted a Final Rule to improve transparency within the U.S. repurchase agreement (repo) market by establishing a data collection for non-centrally cleared bilateral transactions.

The EBA Presents Its Main Achievement In 2023

Date 06/05/2024

The European Banking Authority (EBA) today published the first part of its 2023 Annual Report presenting the main achievements and activities of the organisation in fulfilling its mandates under its Work Programme over the last 12 months. 

ICE Mortgage Monitor: Historically Strong Home Price Growth Pushes U.S. Mortgage Holders’ Tappable Equity To Record $11T

Date 06/05/2024

• Though rising rates have dampened purchase demand and allowed for modest inventory growth, a continuing deficit of homes for sale this spring is helping prices remain resilient
• According to the ICE Home Price Index, prices rose 1.2% in March, more than 25% above the 25-year average increase, marking the third consecutive month of above-average home price gains
• On an annual basis, home price growth eased slightly in March to +5.6% from an upwardly revised +6.0% in February
• Strong home price growth in early 2024 increased mortgage-holder equity to a record $16.9T in Q1, $11T of which can be leveraged while retaining a 20% equity cushion – also an all-time high
• 48M U.S. homeowners with mortgages have some level of such tappable equity, at an average of $206K per borrower, up from $185K at the same time last year
• Two thirds of all tappable equity is held by homeowners with credit scores of 760 or higher, making for a relatively low-risk lending cohort
• An equal share – two thirds – is held by homeowners with first lien mortgage rates below 4%, with 84% (~$9.2T) held by those with rates lower than 5%
• Just five West Coast metros – Los Angeles ($1.1T), San Francisco ($648B), San Jose ($348B), San Diego ($331B), and Seattle ($324B) – account for nearly a quarter ($2.7T) of total tappable equity
• Homeowners in these markets not only hold some of the largest volumes of tappable equity but also have rates well below the national average as higher loan balances tend to provide more frequent refi incentive
• Second lien home equity products remain particularly attractive options for such borrowers wanting to access some of this abundant equity while maintaining their historically low first lien rates

Tehran Stock Exchange Bulletin - April 2024

Date 06/05/2024

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