In remarks today, Acting Comptroller of the Currency Michael Hsu said community banks and their state trade associations have raised concerns about the OCC’s supervisory and regulatory actions related to climate change in “every meeting” he has had with them.
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The Federal Reserve will launch a “pilot micro-prudential scenario analysis exercise” next year “to better assess the long-term, climate-related financial risks facing the largest institutions,” Michael Barr said today in his first speech as Fed vice chairman for supervision.
A California bill that would have required certain companies to disclose greenhouse gas emissions will not become law after it failed to garner enough votes for passage in the California State Assembly.
While some banks might be well positioned to establish a dedicated role or even a team, others may prefer to have a cross-compliance collaboration approach.
The American Bankers Association joined the California Bankers Association and two other financial trade groups in a letter to members of the California State Assembly opposing Senate Bill 260, the Climate Corporate Accountability Act, a comprehensive greenhouse gas disclosure bill that is being considered this week.
The American Bankers Association this week offered feedback to the newly formed International Sustainability Standards Board to create global baseline standards in disclosures related to sustainability and climate-related risks.
The Treasury Department today launched the Climate Data and Analytics Hub pilot, a digital tool that will allow financial regulators assess risks to financial stability stemming from climate change.
Regardless of where your bank stands on environment, social or governance-related policies, banks have good stories to tell investors who care about ESG—and telling those stories may help with regulatory compliance.
As the Financial Accounting Foundation considers a proposed strategic plan, ABA is recommending the organization consider ensuring that post-implementation reviews (PIRs) are conducted on a regular basis and that FAF takes a leadership role in helping bridge the gap between investor expectations and reporting on environmental sustainability.
The Financial Stability Board today issued a progress report on its work to implement its roadmap for addressing climate-related financial risk.