On April 7, 2023, the Federal Reserve Bank of New York released two staff reports on climate-related risks for financial institutions. While the staff reports do not suggest or impose legal requirements, they provide financial institutions with insights on banking regulators’ positions on climate-related risk management requirements and current industry practices. In this Legal Update
On January 17, 2023, the Board of Governors of the Federal Reserve System (“Federal Reserve”) launched its pilot climate scenario analysis exercise (“CSA”) by publishing instructions for the six US banking organizations that will participate.
As part of the CSA, participating organizations will submit data templates, supporting documentation, and responses to qualitative questions to the