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.
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FDIC Vice Chair Travis Hill expressed concern that "an overreaction is underway" from regulators in response to the bank failures in March 2023.
In its 2023 Risk Review, the FDIC reported that despite weak economic conditions, increasing interest rates and inflation and financial market stress, the banking industry demonstrated resilience.
FDIC Chair Martin J. Gruenberg said that understanding and assessing climate-related financial risk is "a top priority" of the FDIC, but the project remains in the "early stages."
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.