OCC Withdraws Climate Risk Management Principles for Large Banks

The Office of the Comptroller of the Currency (OCC) withdrew its participation in the interagency principles for climate-related financial risk management for large financial institutions.

• “The principles providing guidance to banks for climate-related financial risk are overly burdensome and duplicative, ” Acting Comptroller of the Currency Rodney E. Hood said
• “The OCC’s existing guidance for banks to maintain a sound risk management framework applies to all activities conducted by supervised institutions and includes potential exposures to severe weather events or natural disasters”

To view the source of this information, click here

To contact the reporter on this story:
Lin Cheng ...