- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2022-09-13T17:25:00
The Office of the Comptroller of the Currency (OCC) has reinforced its commitment to confronting risks posed by climate change with the appointment of Yue (Nina) Chen as chief climate risk officer.
The banking regulator announced the addition to its leadership ranks Monday. Chen will oversee the OCC’s new Office of Climate Risk and spearhead the agency’s climate risk efforts related to supervision, policy, and external engagement. She will report to Acting Comptroller of the Currency Michael Hsu.
Chen joins from the New York State Department of Financial Services (NYDFS), where she served as the first executive deputy superintendent of the Climate Division. She succeeds Jonathan Fink, who had been the OCC’s chief climate risk officer on an acting basis since March in addition to advising Hsu.
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The Office of the Comptroller of the Currency will heighten its focus on the financial technology space with the creation of a new department in early 2023.
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo will participate in a pilot climate scenario analysis exercise organized by the Federal Reserve that seeks to enhance climate-related financial risk management efforts in the industry.
Bank-fintech partnerships have grown “at exponential rates” and become so complicated it is often difficult to distinguish “where the bank stops and where the tech firm starts,” Acting Comptroller of the Currency Michael Hsu said.
