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.
The Basel Committee today published two papers on climate-related risk that will serve as a “conceptual foundation” as the committee works to incorporate climate risk into the Basel regulatory framework.
The Securities Exchange Commission on Friday warned firms of “deficiencies and internal control weaknesses” that…
A quarter into the year, a quick check on how key areas are changing, with some important suggestions.
The Financial Stability Board is in the process of building a “roadmap” to coordinate work being done on climate-related financial risks, FSB Chair and Federal Reserve Vice Chairman for Supervision Randal Quarles wrote in a letter to G-20 finance ministers today.
Treasury Secretary Janet Yellen today flagged climate change as the most significant urging risk for the Financial Stability Oversight Council to address, noting that “our financial system must be prepared for the market and credit risks of these climate-related events.”