Tag Archives: Climate Change

sunrise over a field of wind turbines

Letters to Regulators: Climate Joint Letter Opposing the OCC’s Notice of Proposed Rulemaking “Fair Access to Financial Services”

Americans for Financial Reform Education Fund signed onto a comment letter, organized by Public Citizen, opposing the OCC’s proposed rule “Fair Access to Financial Services” due to climate concerns. The letter urged the OCC to withdraw the proposal on the basis that it required banks to serve every category of high-risk business, with the express goal of increasing bank lending to risky fossil fuel companies and other polluting sectors, and without regard for strategic or reputational risk. The letter stated that the OCC lacked the legal authority to enact this proposed rule, that banks are acting prudently to exit the fossil fuel industry because of growing climate risk to the sector, and that the OCC should instead scrutinize and curb banks’ involvement with high-emission activities.

News Release: Yellen Nomination Creates Potential for Ambitious Financial Reform Agenda

The Treasury Secretary has the authority to drive an ambitious agenda for economic, racial, and climate justice, and to use financial regulation as an important tool of that work. As Yellen has herself noted in recent remarks, this moment of crisis has made it particularly clear that a new administration needs to not only undo the dangerous Trump administration deregulation of Wall Street, but also move well beyond the preceding status quo.

Letter to Regulators: Letter to the Department of Labor urging it to withdraw a proposal that would impose new burdens and costs on retirement plans.

AFREF submitted a letter to the Department of Labor urging it to withdraw a rule proposal that would impose onerous costs and process requirements on private sector retirement plans when deciding whether and how to vote on matters brought to a vote at public companies’ annual meetings. It will impose costs on retirement savers and undermine advances on corporations’ integration of environmental, social and governance factors, including those that have a material financial impact on long-term investment performance

oil rig at sunset Photo by WORKSITE Ltd. on Unsplash

Letter to Regulators: The Fed must reject any effort by banks to increase involvement in oil and gas

Americans for Financial Reform Education Fund sent a letter to the Federal Reserve Board, urging them to avoid any actions which would permit the financial holding companies or any of their subsidiaries to directly or indirectly operate oil or gas companies. The letter highlights the manifold physical, economic, reputational and financial system risks of bank commodity holdings, risks have become even more severe with the recent dislocation in global energy markets. As these markets will be disrupted for an extended period, the letter asks the Board to firmly reject any effort by banks to use the situation with respect to defaulting loans in the energy industry to increase bank involvement in the oil and gas industry.