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MNI BRIEF: Fed Proposes Climate Risk Guidelines For Banks

(MNI) WASHINGTON

Fed board agrees in 6-1 vote to draft principles for managing climate-linked risks to big banks.

The Federal Reserve Board on Friday voted 6 to 1 moving forward to propose principles providing a high-level framework on the management of exposures to climate-related financial risks for large banks over various time horizons.

The proposed guidance, similar to the draft principles previously proposed by the OCC and the FDIC, would apply only to banking organizations with over USD100 billion in total consolidated assets, and outlines a set of general principles in six areas: governance; policies, procedures, and limits; strategic planning; risk management; data, risk measurement and reporting; and scenario analysis. Comments will be accepted for 60 days.

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The Federal Reserve Board on Friday voted 6 to 1 moving forward to propose principles providing a high-level framework on the management of exposures to climate-related financial risks for large banks over various time horizons.

The proposed guidance, similar to the draft principles previously proposed by the OCC and the FDIC, would apply only to banking organizations with over USD100 billion in total consolidated assets, and outlines a set of general principles in six areas: governance; policies, procedures, and limits; strategic planning; risk management; data, risk measurement and reporting; and scenario analysis. Comments will be accepted for 60 days.

Keep reading...Show less