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 to address weaknesses in how banks deal with climate change risks.
The guidance, which applied to banks with over $100 billion in assets, has been retracted by the regulators in a joint release.
The regulators are scrapping focus on climate-related risks amid a policy shift.
This move marks a shift in policy, with policymakers no longer prioritizing climate-related risks.
Author's summary: Regulators drop climate risk guidance for large banks.
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