The House Financial Services Committee considered Financial Stability Oversight Council recommendations to mitigate risks in the financial markets and testimony by Treasury Secretary Steven Mnuchin.
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The European Central Bank issued guidance for banks on climate-related and environmental risk management practices and disclosures under the current prudential framework.
New York State Department of Financial Services Superintendent Linda A. Lacewell described how the agency is supporting state initiatives to combat climate change and continued to urge the insurance industry to factor these financial risks into management, operations and business strategies.
The New York State Department of Financial Services encouraged New York-regulated financial institutions to "prudently manage" climate change-related financial risks.
The Federal Reserve Board reported on the strength of the banking system and the economic impact of the pandemic on borrowers.