U.S. Bank Regulators Drop Climate Risk Guidance
U.S. banking regulators are scrapping guidance that aimed to help large banks identify climate-related financial risks.
The Federal Reserve Board, the Federal Deposit Insurance Corp. (FDIC), and the Office of the Comptroller of the Currency had adopted principles designed to address weaknesses in how banks deal with the risks posed by climate change.
These risks include physical and transition risks that could impact their soundness, and the guidance applied to banks with over US$100 billion in assets.
The regulators announced that they are retracting the guidance in a joint release.
Author's summary: Regulators scrap climate risk guidance for large banks.
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