Fact Sheet: Bank Supervision and Climate Risk

Americans for Financial Reform Education Fund and partners Public Citizen, Natural Resources Defense Council, and Center for American Progress released a white paper outlining the key elements that federal bank regulators—including the Federal Reserve Board, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration—can and should incorporate into public supervisory guidance for banks on assessing and addressing the risks faced by banks from climate change.

The climate supervisory guidance was endorsed also by Sierra Club and Friends of the Earth, and was accompanied by a letter to Vice Chair of Supervision Quarles at the Federal Reserve, Chairman McWilliams of the FDIC, Chairman Harper of the NCUA, and Acting Comptroller of the Currency Hsu, urging each to issue climate supervisory guidance immediately to begin tackling climate risk in the banking sector.

Please find a PDF of the letter and supervisory guidance here