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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2022-09-29T15:38:00
Six of the nation’s largest banks will participate in a pilot climate scenario analysis exercise organized by the Federal Reserve Board that seeks to enhance climate-related financial risk management efforts in the industry.
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo will take part in the exercise, which will launch in early 2023 and conclude by the end of the year, the Fed announced Thursday. The agency intends to publish insights gained from the program, though it will not attribute information to specific firms.
The Fed described climate scenario analysis as an “emerging tool” in the assessment of climate-related financial risks. Unlike stress tests—which Fed leaders have emphasized the importance of in speeches over the past year—scenario analysis is “exploratory in nature and does not have capital consequences,” the agency said.
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2022-09-13T17:25:00Z By Kyle Brasseur
The Office of the Comptroller of the Currency has reinforced its commitment to confronting risks posed by climate change with the appointment of Yue (Nina) Chen as chief climate risk officer.
2022-01-12T21:42:00Z By Aaron Nicodemus
Bank of America, Wells Fargo, U.S. Bank, and 16 other financial institutions have formed a climate risk consortium in response to calls from investors and regulators that banks work to mitigate climate-related risks within their own operations.
2021-10-08T19:12:00Z By Aaron Nicodemus
The Federal Reserve will encourage financial institutions to assess the potential financial ramifications of climate change by conducting stress tests, similar to those performed following the 2007-09 financial crisis.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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