Regulators are doing away with controversial rules that required banks to plan for losses in the event of climate-related events, according to an announcement Thursday. A joint release from the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Federal Reserve said they no longer believe the requirements are necessary as they are redundant with other provisions banks make to plan for emergencies and unusual events. "The agencies do not believe principles for managing climate-related financial risk are necessary because the agencies' existing safety and soundness standards require all supervised institutions to have effective risk management commensurate with their size, complexity, and activities," a joint release from the three regulators said.
Regulators scrap climate risk planning rules for banks
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Under the current administration, U.S. regulators have rolled back climate-related oversight and initiatives adopted from 2021 to 2023. However, Fitch Ratings continues to view climate-related events as relevant risks that warrant consideration in bank risk assessments and our credit analysis. Learn more: https://ow.ly/gnEn50X85tR #Banks #Insurance #USPF
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Under the current administration, U.S. regulators have rolled back climate-related oversight and initiatives adopted from 2021 to 2023. However, Fitch Ratings continues to view climate-related events as relevant risks that warrant consideration in bank risk assessments and credit analysis. Learn more: https://gag.gl/r6QY2K #Banks #Insurance #USPF
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Under the current administration, U.S. regulators have rolled back climate-related oversight and initiatives adopted from 2021 to 2023. However, Fitch Ratings continues to view climate-related events as relevant risks that warrant consideration in bank risk assessments and our credit analysis. Learn more: https://gag.gl/r6QY2K #Banks #Insurance #USPF
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Head of APAC Business Management / Board Director / Chairman Fitch Bohua / Ex-CEO China Lianhe Credit Rating
Under the current administration, U.S. regulators have rolled back climate-related oversight and initiatives adopted from 2021 to 2023. However, Fitch Ratings continues to view climate-related events as relevant risks that warrant consideration in bank risk assessments and our credit analysis. Learn more: https://gag.gl/r6QY2K #Banks #Insurance #USPF
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