The current environment of swiftly rising interest rates, combined with tighter financial conditions, greater market volatility and slowing global growth “could test many of the long-standing and growing vulnerabilities in the global financial system,” the Financial Stability Board said.
ABA President and CEO Rob Nichols last week joined Texas Bankers Association Chairman Ford Sasser and CEO Chris Furlow on a listening tour through Texas to hear from bank leaders and discuss the critical role banks of all sizes play in supporting the state’s energy sector.
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.
The Financial Stability Board today published a letter from Chairman Klaas Knot warning of global financial system vulnerabilities and providing an update on the group’s work in key areas.
As ESG guidance and disclosures from regulators proliferate, banks must remain free to lend to, invest in and do business without government interference, ABA and the 51 state bankers associations wrote today in a letter to financial regulators.
Warning that the agency is going far beyond its mandate, the American Bankers Association today week urged the Securities and Exchange Commission to significantly revise—or withdraw altogether and repropose—its extensive climate risk disclosure framework for public companies.
Top economic and regulatory officials at the Basel, Switzerland Bank for International Settlements emphasized the limits of the financial industry’s ability to reduce climate risk in a new article this week, calling it “unrealistic” to assume that the financial sector could drive the reallocation of resources needed to transition to a global green economy “in the absence of adequate environmental policymaking in the real economy.”
The Commodity Futures Trading Commission today issued a request for information regarding climate-related financial risks related to the derivatives markets and underlying commodities markets—the latest federal regulatory agency to issue a climate-related RFI.
ABA yesterday joined a broad coalition of more than 40 trade groups—led by the California Chamber of Commerce—in a letter to the California Assembly Natural Resources Committee opposing S.B. 260, a comprehensive greenhouse gas disclosure bill.