Acting Comptroller of the Currency Michael J. Hsu prioritized "restoring public trust in the federal banking system" after the liquidity crisis, consequent market disruptions and bank failures early in the calendar year.
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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.
Acting Comptroller of the Currency Michael J. Hsu addressed the threats posed to consumer trust in banking from inequality, digitalization, complacency and climate-related risk.
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.
OCC Comptroller Michael Hsu stated he expects detailed interagency guidance on climate risk management principles to follow review of feedback provided on the draft principles published in December 2021.