The New York State Department of Financial Services issued guidance for financial institutions on the "management of material financial and operational risk from climate change."
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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.
Treasury recommended best practices for financial institutions that have made "net-zero" financing and investment commitments.
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.
Financial Stability Oversight Council staff reported progress in advancing recommendations by the Climate-related Financial Risk Advisory Committee on "actions to address capacity building, disclosure, data, and assessment and mitigation of risks."