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Banks Urged to Move Quickly on Climate-Related Risks (Correct)

July 19, 2022, 3:00 AMUpdated: July 19, 2022, 1:10 PM

A senior US financial regulator has a message for banks weighing how to fit climate change into their plans for monitoring risks: act quickly.

Jonathan Fink, the Office of the Comptroller of the Currency’s assistant chief counsel, said on Monday that lenders don’t need to wait for more data or clarity from regulators to begin assessing how climate-related risks can impact their operations. Fink said that firms should act because environmental issues can also drive credit risk.

“We shouldn’t make the perfect the enemy of the good,” he said during an event hosted by the Financial Services Forum industry ...