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…
Banking organizations should take note of an announcement last week by the Board of Governors of the Federal Reserve System that it would conduct a climate scenario analysis exercise with six of the largest US banking organizations. This Legal Update provides further detail on this exercise.
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Following a unanimous vote on December 7, 2020, the United States Board of Governors of the Federal Reserve System (Board) announced on December 15, 2020, that it has joined the Network of Central Banks and Supervisors for the Greening of the Financial System (Network or NGFS) as a member and, by so doing, joins 83 other members and 13 observers. While the Board had attended NGFS meetings in the past, it was the only major central bank (other than the Reserve Bank of India) to not be a member.
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