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. ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
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 ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
The industry is asking for more time to comment on a regulatory proposal that aims to prohibit banks from denying services to oil and gas companies and other firms in politically sensitive industries. ... Read full article
The Partnership for Carbon Accounting Financials recently released a methodology for measuring the environmental impact of loans and investments, a key hurdle to the banking industry's long-term goal of net-zero emissions tied to its portfolios. ... Read full article
If the GOP can hold its majority in the chamber, Sen. Pat Toomey, R-Pa., will likely become the panel's chairman. His ardent support for free-market principles could set up partisan clashes with Democrats over pandemic relief, money laundering rules ... Read full article
The Toronto company says it will begin by gathering data on the greenhouse gas emissions of borrowers — a critical first step toward stress testing for climate events. ... Read full article
Temporary policy responses have mitigated problems in the short-term funding markets related to the pandemic, but permanent fixes may be necessary in some areas, the agency said in a report. ... Read full article
The New York State Department of Financial Services says banks and credit unions under its supervision should limit loan concentrations in vulnerable geographic areas, avoid overexposure to fossil fuel and other legacy businesses and develop financial ... Read full article
U.S. banks are taking too narrow of an approach when disclosing their exposure to climate risk and are potentially underestimating possible losses, according to a report released Monday. ... Read full article
Goldman Sachs Group is starting a group focused on investment opportunities in clean energy, waste and other sustainability industries, joining several major banks in making climate commitments in recent weeks. ... Read full article
JPMorgan Chase is planning to set emissions targets for its financing portfolio, joining other massive banks in bringing climate goals to its lending activity. ... Read full article
HSBC, Bank of the West and Fannie Mae are among those offering green mortgage bonds, financing commercial clients’ efforts to rein in carbon emissions and developing other novel products that help customers tackle environmental challenges. ... Read full article
