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U.S. Banks Must Disclose Climate Threats by Next Year, OCC Says

Nov. 8, 2021, 7:31 PM

Wall Street banks should be ready to answer key questions about their exposure to climate change by next year, said Michael Hsu, the acting chief of the Office of the Comptroller of the Currency.

“Time is running out,” Hsu said Monday in a speech that outlined how U.S. banks will be required to report the risks they face from a warming planet. “We are racing against increasing numbers of costly extreme weather events.”

Hsu encouraged bank boards to grill executives about how exposed their firms are to volatile weather events and how vulnerable their data infrastructure may be. Directors ...