Federal Reserve Chairman Jerome Powell told the House Financial Services Committee today that, regarding his agency’s work on mitigating climate change-related risks, it is a “long-held policy of the Fed that we don’t tell banks what legal businesses they can lend to.”
A group of Republican senators this week cautioned Federal Reserve Chairman Jerome Powell that using financial regulation and supervision to advance environmental policy objectives “would be beyond the scope of the Federal Reserve’s mission,” and urged against taking additional actions with regard to climate-related risks.
The Federal Reserve is “looking very carefully” at whether and how it might issue a digital dollar, Fed Chairman Jerome Powell told members of Congress today.
A look at ABA’s government relations agenda for 2021
Climate risk disclosures appear to be on the horizon, but full compliance could take time.
Speaking at an industry event today, Federal Reserve Governor Lael Brainard expressed support for mandatory climate disclosures to help measure and mitigate climate risk.
The American Bankers Association today joined 10 other financial trade associations in releasing a set of principles intended to provide a framework for financing the transition to a low-carbon economy.
In a letter to industry earlier this week, the New York Department of Financial Services confirmed that banks may receive credit under New York’s state-level Community Reinvestment Act for certain activities intended to address and mitigate the effects of climate change.
Financial regulators—including the Federal Reserve—are moving to incorporate climate risk assessments in their supervisory activities, according to a new research letter published today by the Federal Reserve Bank of San Francisco.
The Federal Housing Finance Agency today issued a request for input seeking feedback on how climate change and natural disasters could pose risks to the housing finance system, Fannie Mae and Freddie Mac and the Federal Home Loan Banks.