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.
In response to concerns raised by industry stakeholders including the American Bankers Association, the Department of Labor will revisit its recent final rules regarding environmental, social or governance investing and a fiduciary’s proxy voting activity under the Employee Retirement Income Security Act
From the ongoing generational wealth transfer to new “wealthtech” solutions and investor demands for sustainability and diversity, big changes are happening in the wealth management sector.
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 OCC announced today that it will pause the publication of a controversial final rule stating that banks should provide access to services, capital and credit based on their risk assessment of individual customers and not make broad-based decisions that affect whole categories or classes of customers.