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On December 8, 2022, the Basel Committee on Banking Supervision (“BCBS”) released guidance to clarify how climate-related financial risks may be captured in existing capital and liquidity requirements for banking organizations (“Climate FAQs”). The Climate FAQs are noteworthy because they indicate that standard setters believe climate-related financial risks should be included in bank capital requirements and…

United States - Washington DC

On June 23, 2022, the American Bankers Association and 51 state bankers associations released a letter to the federal financial regulators that describes principles the regulators should use when developing guidance and regulations on ESG issues (“Industry Letter”). These principles reflect the industry’s view on how the government can maintain a free-market financial system that also…