- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2021-10-08T19:12:00
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.
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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 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.
President Joe Biden announced his intention to nominate Jerome Powell to serve a second term as chair of the Federal Reserve and Lael Brainard to serve as vice chair.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network issued an alert to financial institutions about their obligations to report deepfakes, warning artificial intelligence has given bad actors additional tools in their arsenal.
A nationwide rental outlet affiliated with Rent-a-Center and its chief executive have been sued by the Consumer Financial Protection Bureau for allegedly deceiving five million consumers about the terms of credit agreements.
A lack of risk visibility is causing companies to reject customers–and potentially lose money–over fears they might be in danger of violating rules around anti-money laundering and sanctions regulations.
