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.
The guidance, which applied to banks with over US$100 billion in assets, has been retracted by the regulators in a joint release.
The regulators announced that they are retracting the guidance.
This move comes amid a policy shift, with policymakers scrapping their focus on climate-related risks.
Author's summary: Regulators drop climate risk guidance for large banks.