The New York Department of Financial Services (DFS) recently issued proposed guidance (Guidance) related to climate change that applies to New York State-regulated banking organizations, New York State-licensed branches and agencies of foreign banking organizations, and New York State-regulated mortgage bankers and servicers. The Guidance is intended to address “material financial risks related to climate change” faced by covered entities in the context of “risk assessment, risk management, and risk appetite setting.” … Continue Reading
OCC Requests Feedback on Principles of Climate-Related Financial Risk Management for Large Banks
By Jill K. Dolan on
Posted in OCC, Regulatory and Enforcement
On December 16, 2021, the Office of the Comptroller of the Currency (“OCC”) released draft principles for climate-related financial risk management for large banks. Feedback must be submitted by February 14, 2022.
The OCC is looking for feedback on all aspects of the draft principles. Noting the emerging risks to banks and the financial system due to impending climate change, the OCC recognized both physical risks and transition risks to banks, particularly large banks (with over $100 billion in total consolidated assets).… Continue Reading