US banking regulator seeks feedback on monitoring climate change risk Author Reuters

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By Pete Schroeder

WASHINGTON (Reuters) – One of the leading US banking regulators suggested on Thursday that banks should make the assessment of financial risks arising from climate change an integral part of their work.

The Office of the Currency Controller said it was seeking feedback on draft principles for banking supervisors, with a special focus on companies with assets of more than $ 100 billion. The draft set out a comprehensive vision of how banks should integrate climate change risk into almost every aspect of their business and marks the most significant step to date by regulators under the Biden administration to encourage banks to consider climate risk.

The draft principle states that the bank’s senior management should ensure that the company appropriately assesses climate risk in its portfolio and what role these exposures play in its overall business strategy. The OCC said it is considering further guidance detailing the responsibilities of senior management and bank boards of directors in climate risk assessment.

In a separate statement, the Federal Reserve said it would also review the feedback the OCC receives and work on a consistent set of standards for bank supervisors regarding climate risk management.

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