Understanding multiple existing ESG frameworks and their applications can guide banks toward the path of developing their own distinct methodologies and practices.
Federal agencies on Friday announced updates to their rulemaking agendas. Items on the agendas and…
The American Bankers Association urged the Securities and Exchange Commission today to provide a wide safe harbor for information and statements made in disclosures addressing climate risk.
Sen. Brian Schatz (D- Hawaii) and Rep. Sean Casten (D-Ill.) introduced legislation today that would direct the Federal Reserve to subject large banks to stress tests to measure their resilience to climate-related financial risks. Schatz previously introduced the bill in the last Congress.
Senator John Kennedy (R-La.) and Sen. Kevin Cramer (R-N.D.) today introduced a new bill, the No Red and Blue Banks Act, that would prohibit the General Services Administration from “awarding contracts to certain insured depository institutions that avoid doing business with certain companies that are engaged in lawful commerce based solely on social policy considerations.”
The CEOs of the nation’s largest banks recapped their institutions’ efforts to support their customers and communities through the COVID-19 pandemic and its aftermath during a Senate Banking Committee oversight hearing.
President Biden late Thursday signed an executive order on climate-related financial risk that, among other things, directs financial regulators to take several steps to ensure the appropriate measurement and mitigation of these risks.
Neither the Federal Housing Finance Agency or the banking industry “currently have the expertise to recommend or make changes to enhance the supervisory and regulatory framework” of Fannie Mae, Freddie Mac and the Federal Home Loan Banks with regard to climate-related factors, ABA said in a letter to FHFA today.
The Treasury Department today announced a new climate policy strategy intended to “bring to bear the full force of [Treasury] on domestic and international policymaking, leveraging finance and financial risk mitigation to confront the threat of climate change.”
Democrats today reintroduced the Climate Risk Disclosure Act, bill that would require public companies to make disclosures about their exposure to climate-related risks.