- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-10-25T18:32:00
Federal banking regulators issued a long-promised framework that provides guidance on the safe and sound management of climate-related financial risks at large banks.
The Federal Reserve Board, Treasury Department’s Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation published the framework Tuesday for banks with more than $100 billion in assets.
The regulators said large banks are “likely to be affected” by both physical and transitional risks posed by climate change. Physical risks include climate change-induced weather events, such as floods, droughts, or other natural disasters. Transitional risks cover risks posed to banks as markets react to changes caused by climate change, like the increase in clean energy production or new climate-related regulation or laws that affect banks’ bottom lines.
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The New York State Department of Financial Services issued guidance to regulated banking and lending institutions on managing material financial and operational risks related to climate change.
A new report from KPMG predicted the banking and financial services industries will be hit with unprecedented regulatory intensity in 2024, with regulators expecting compliance deficiencies to be addressed more thoroughly and quicker than ever before.
Uncertainty created by the Federal Deposit Insurance Corporation’s lack of clarity on risks posed by crypto assets has left member banks with the impression the agency wants banks to avoid them, according to a new report from the Office of Inspector General.
Any product that uses AI needs to be safety assessed for its entire lifespan under new rules that went into effect recently across the EU. Experts warned companies using AI to tailor products could be classed as “manufacturers” and face the same duty of care as developed.
When lawmakers slam the U.K.’s chief financial regulator as “incompetent,” it not only opens the doors for others to pile criticism on it, but it sparks a debate about how the organization can be improved–or removed.
The U.K. Financial Conduct Authority apologized to investors in peer-to-peer investment firm Collateral for not acting swiftly enough to prevent Collateral from defrauding its customers.
