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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Treasury recommended best practices for financial institutions that have made "net-zero" financing and investment commitments.
In a comment letter on the FRB's "Principles for Climate-Related Financial Risk Management for Large Financial Institutions," the American Bankers Association supported efforts to create "a high-level guide for the largest institutions," but raised concerns on both substance and process.
Comments on the Federal Reserve Board's draft "Principles for Climate-Related Financial Risk Management for Large Financial Institutions" are due by February 6, 2023.
The Federal Reserve Board requested comment on draft "Principles for Climate-Related Financial Risk Management for Large Financial Institutions."