Sen. Pat Toomey, R-Pa., warned the regional Federal Reserve bank that its papers about environmental, social and corporate governance policies hurt its ability to stay neutral on partisan issues.
The Rainforest Action Network says the 2020 decline stemmed more from weak energy demand during the pandemic than banks’ pledge to reduce financing to firms that contribute to climate change.
Executive vice presidents and above will be evaluated on how they contributed to progress on efforts to curb the firm’s use of carbon, improve financial inclusion and reach gender-pay parity, CEO Michael Miebach said in a memo to staff.
The Treasury Department and U.S. regulators aim to boost demand for assets that tackle climate change, while preventing companies from making claims that could be considered “greenwashing,” or overstating the significance of emissions reductions and sustainability efforts.
Democrats want regulators to actively protect the financial system from losses tied to extreme weather events, while Republicans say climate policy is "beyond the scope" of their mission.
Big banks led the push to offer multibillion-dollar bonds that fund affordable housing, education and nonprofits that serve needy communities. But Truist’s recent $1.25 billion bond is a sign that regionals want to attract progressive institutional investors — and burnish their images.
The bank’s new holding company, Amalgamated Financial Group, is the first publicly traded financial services company to become a public benefit corporation. It says the legal designation will help officers and directors balance the interests of shareholders and the public.
