Commentary by Steven Lofchie
Participants in the EU-U.S. Joint Financial Regulatory Forum highlighted cross-border interagency coordination on (i) financial stability, (ii) climate-related financial risks, (iii) banking and insurance regulation and supervision, (iv) capital markets, (v) operational resilience, (vi) digital finance and (vii) AML/CFT compliance.
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.
At the 26th UN Climate Change Conference of the Parties , Treasury Secretary Janet L. Yellen applauded private sector support for financing the transition to a net-zero economy.
In a report on climate-related financial risk, the Financial Stability Oversight Council identified climate change as an emerging and increasing threat to U.S. financial stability.
IOSCO's fifth annual World Investor Week will focus on sustainable finance, and fraud and scams prevention.