News | 12.16.21
Climate Risks for Big Banks Could Hurt Financial System, OCC Says
The largest US banks should guard against climate-related risks, the US Office of the Comptroller of the Currency (OCC) said in a draft guidance statement issued Thursday. “Weaknesses in how banks identify, measure, monitor and control the potential physical and transition risks associated with a changing climate could adversely affect a bank’s safety and soundness, as well as the overall financial system,” the OCC stated. Michael Hsu, the acting comptroller of the currency, has urged the financial services industry to take risks posed by climate change more seriously.
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