News Topic: climate change

Federal Reserve Chair Jerome Powell reaffirmed his agency’s skepticism of a Community Reinvestment Act plan proposed by other regulators, and said the Fed has an important role to ensure banks “are resilient against the longer-term risks from climate ... Read full article

Few people are in a position to influence Jamie Dimon, the chief executive who turned JPMorgan Chase into the biggest U.S. bank. The longtime climate skeptic who turned Exxon Mobil into the biggest U.S. oil company is one of them. ... Read full article

In letters to Freddie Mac and Fannie Mae, six Democrats asked how the mortgage giants are factoring extreme weather into their risk modeling. ... Read full article

Federal Reserve Chair Jerome Powell said he was “comfortable” with a recent speech by Gov. Lael Brainard objecting to significant aspects of the Community Reinvestment Act plan proposed by the OCC and FDIC. ... Read full article

Bank for International Settlements report says central banks don't have tools to handle climate change; banks could face different CRA rules. ... Read full article

The Massachusetts senator and presidential contender sent a letter to eight of the biggest U.S. banks asking about how they assess climate-related risks to assets and how they plan to mitigate social and economic fallout. ... Read full article

Citi, Goldman chiefs say they won’t be pressured to stop financing companies based on carbon footprint; Vodafone bolts from Facebook’s digital currency project. ... Read full article

Stateside banks are starting to play catch-up to banks worldwide that are incorporating environmental, social and governance factors into their underwriting. Pressure from big shareholders is a driving force. ... Read full article

Marcus and the Apple credit card accounted for 3% of the bank’s profit in the first three quarters of 2019, despite a multibillion-dollar investment in consumer operations; the senator’s plan would make it easier to expunge debt. ... Read full article

The bank is working with a Swedish fintech to offer a tool that lets account holders track how their spending choices might be contributing to climate change. The tool may never be a big moneymaker, but it could help the San Francisco bank attract ... Read full article

Regulators said the living wills of six banks — not Goldman or JPM — need tweaking; the investment values the global business travel unit at $5 billion. ... Read full article

The Bank of England will examine banks' and insurers' exposure to global warming and risks associated with any transition to a lower-carbon economy. ... Read full article

The bank announced a $750 billion plan to “focus on climate transition and inclusive growth”; the seven biggest banks have passed three years in a row. ... Read full article

The plan would increase lending and transparency, the regulators say; the company says the rule unfairly lumps together digital wallets and prepaid cards. ... Read full article

USAA won $200M from Wells Fargo in patent fight — will others be on the hook?; three takeaways from regulators' approval of the BB&T-SunTrust merger; don't believe the doom and gloom on Fannie, Freddie; and more from this week's ... Read full article

Banks’ third-party technology providers may face increased scrutiny; Rep. Porter wants more data about "confusing" checking account fees. ... Read full article

Readers react to the FDIC's proposal allowing banks to hire ex-cons, regulators looking into climate-change risk at banks, whether rewards programs drive loyal customers and more. ... Read full article

Five Democrats running for president support the legislation introduced Wednesday that would require the central bank to form an advisory group to analyze how climate change would affect the financial system. ... Read full article