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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2022-09-29T15:38:00
Six of the nation’s largest banks will participate in a pilot climate scenario analysis exercise organized by the Federal Reserve Board that seeks to enhance climate-related financial risk management efforts in the industry.
Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo will take part in the exercise, which will launch in early 2023 and conclude by the end of the year, the Fed announced Thursday. The agency intends to publish insights gained from the program, though it will not attribute information to specific firms.
The Fed described climate scenario analysis as an “emerging tool” in the assessment of climate-related financial risks. Unlike stress tests—which Fed leaders have emphasized the importance of in speeches over the past year—scenario analysis is “exploratory in nature and does not have capital consequences,” the agency said.
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
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Membership $599
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2022-09-13T17:25:00Z By Kyle Brasseur
The Office of the Comptroller of the Currency has reinforced its commitment to confronting risks posed by climate change with the appointment of Yue (Nina) Chen as chief climate risk officer.
2022-01-12T21:42:00Z By Aaron Nicodemus
Bank of America, Wells Fargo, U.S. Bank, and 16 other financial institutions have formed a climate risk consortium in response to calls from investors and regulators that banks work to mitigate climate-related risks within their own operations.
2021-10-08T19:12:00Z By Aaron Nicodemus
The Federal Reserve will encourage financial institutions to assess the potential financial ramifications of climate change by conducting stress tests, similar to those performed following the 2007-09 financial crisis.
2024-11-21T20:09:00Z By Ian Sherr
Securities and Exchange Commission Chair Gary Gensler will step down from his position as the top U.S. regulator of Wall Street when Donald Trump is sworn in as president on Jan. 20, ending weeks of speculation about his future.
2024-11-20T16:51:00Z By Jeff Dale
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
2024-11-14T15:50:00Z By Ruth Prickett
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
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