Finance Official Touts Interagency Work On Climate Risk Rules For Banks

An official with the Office of the Comptroller of the Currency (OCC) is saying the agency will work closely with the Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) to craft coordinated final guidance for banks on climate risks, while suggesting the agency’s current data collection could presage more prescriptive rules. The OCC is currently sifting through comments on its first-of-a-kind draft supervisory guidance for large banks released in December. The draft “principles” give banks a framework to integrate...