The OCC, the FDIC and the Federal Reserve Board finalized guidance for senior management of large banks on managing exposures to climate-related financial risks.
News & Insights
The FDIC set a comment deadline of December 11, 2023 for proposed governance and risk management guidelines that would apply to all state insured depository institutions with assets of $10 billion. The comment deadline was published in the Federal Register.
The FDIC proposed governance and risk management guidelines that would apply to all insured state nonmember banks, state-licensed branches of foreign banks and insured state savings associations with assets of $10 billion.
FDIC Chair Martin J. Gruenberg and Federal Reserve Board Governor Michelle W. Bowman considered community banking reforms and applying lessons learned from recent bank failures.
In a report based on an internal review of its supervision over First Republic Bank, the FDIC concluded that "meaningful action to mitigate interest rate risk and address funding concentrations would have made First Republic more resilient and less vulnerable to the March 2023 contagion event."