climate change

FHFA asks for input on GSEs' exposure to climate change

01/19/21

In a request for information, the agency sought feedback on how it should prioritize climate risks as part of its supervision of Fannie Mae, Freddie Mac and the Federal Home Loan Banks.

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Incoming Dem chair says banking panel will put 'workers' over Wall Street

01/07/21

Sen. Sherrod Brown of Ohio signaled a change in direction for the Banking Committee under Democratic control, on the same day he called for President Trump's ouster after the U.S. Capitol riot.

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Fed developing tools to help banks assess climate risk: Brainard

12/18/20

Speaking at a virtual event hosted by the Center for American Progress, Federal Reserve Gov. Lael Brainard said the agency is also seeking feedback on how the Community Reinvestment Act could be used to encourage lenders to invest in climate resiliency.

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JPMorgan’s Lee Raymond to exit board after scrutiny over climate

12/18/20

Raymond, the former Exxon Mobil boss who has been on the bank's board for more than three decades, notified JPMorgan Chase of his intention to resign effective Dec. 31, according to a regulatory filing.

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Citi warns of ‘meaningful’ increase in loan losses on carbon tax

12/18/20

Citigroup found that the rapid enactment of a carbon tax would likely lead to a significant increase in losses on loans the bank has made to certain oil and gas companies.

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Biden team likely will force banks to evaluate climate risks

12/17/20

Incoming administration officials, especially Treasury Secretary-designate Janet Yellen, are expected to push for stress tests, public disclosures and other requirements aimed at gauging banks' climate exposure and minimizing the threat of global warming to the financial system.

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Fed's Powell calls climate change 'an emerging risk' to banks

12/16/20

His comments came a day after the Fed announced it had formally joined an international network of central bankers and regulators focused on mitigating climate risk to the financial sector.

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Fed joins global panel focused on fighting climate change

12/15/20

The Federal Reserve said Tuesday that it had joined the Network of Central Banks and Supervisors for Greening the Financial System after participating in discussions with the group for over a year.

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Bank of America says it won't finance oil and gas exploration in the Arctic

12/01/20

In November, the Sierra Club singled out Bank of America as "the only major U.S. bank not to rule out financing for the destruction of the Arctic refuge" after its five biggest competitors updated their policies this year.

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Climate risk test asks banks to look too far down the road

11/30/20

Global regulators are considering a universal stress test for climate change that requires lenders to use a 30-year horizon, a difficult and speculative projection of the energy industry that could harm bank financials.

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