News Release: Report Exposes Brookfield Corporation’s Fossil Fuel Investments and Emissions Reality
New report highlights stark discrepancy between Brookfield’s reported emissions and its actual carbon footprint.
Tag Archives: Climate Change
Letters and Statements: OMB Should Approve Climate Data Call to Equip FIO and Other Financial Regulators with Information on How Climate Change is Affecting Homeowners Insurance Coverage
Americans for Financial Reform Education Fund submitted a comment letter to the Office of Management and Budget (OMB) for its approval, without delay, of the Department of the Treasury’s Federal Insurance Office (FIO) final proposed “Climate-Related Financial Risk Data Collection for U.S. Homeowners Multi-Peril Underwriting
Letters to Regulators: NCUA Budget for 2024-2025 Should Account for Climate-Related Financial Risk to Credit Unions and Consumer Protection Needs
Americans for Financial Reform Education Fund led and submitted a comment letter, to the NCUA on the agency’s draft 2024-2025 budget. The letter was endorsed by Green America, the National Coalition for Asian Pacific American Community Development, the National Fair Housing Alliance, New York Communities
News Release: Federal Home Loan Bank System to Undergo Major Public Benefit Reforms in Modern Era
Washington, D.C. — Upcoming reforms to the Federal Home Loan Bank System will provide greater and more equitable public benefits under a detailed roadmap released last week by their regulator, the Federal Housing Finance Agency (FHFA). The welcome reform agenda is the result of national engagement of stakeholders on FHLBanks, for-profit entities that receive significant indirect public subsidies.
News Release: Regulators Should Swiftly Use New Guidance to Designate Risky Non-Banks
Federal agencies should move swiftly to identify systemically important financial institutions (SIFIs) for heightened scrutiny now that they have finalized a process for this designation process, according to Americans for Financial Reform Education Fund.
News Release: California’s New Climate Disclosure Laws Cover Nearly Three-Quarters of Fortune 1000 Companies
WASHINGTON, DC – There should be no added compliance costs for 75% of the largest public companies to disclose their greenhouse gas emissions under the upcoming Securities and Exchange Commission (SEC) climate financial risk disclosure rules, a new report has found. The findings cast doubt on U.S. business groups’ claims that the costs of fully disclosing their climate risks would be too high.
News Release: Banking Regulators Issue Final Climate Risk Management Principles for Large Banks
Washington, D.C. — The Federal Deposit Insurance Corporation, the Federal Reserve Board, and the Office of the Comptroller of the Currency today released joint Principles for Climate-related Financial Risk Management for Large Financial Institutions that establish climate-related risk management expectations for banks with over $100 billion in assets.
News Release: Revised CRA Regulations Have Teeth, Encourage Community Resilience Investments
Washington, D.C. — The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation released a joint final rule to revise the regulations implementing the Community Reinvestment Act (CRA). This decision caps a long-awaited effort to modernize the rules to reflect the changing structure of the banking system and needs for community loans, investments, and services.
News Release: Report Outlines KKR’s Harm to Frontline Communities As it Continues to Center a Fossil Fuel Strategy
A new report examines how Kohlberg Kravis Roberts & Co. and its affiliates have run three liquefied natural gas (LNG) investments.
Letters to the Regulators: Letters to the Financial Stability Oversight Council in Support of Increased Supervision of Nonbank Companies and Revising the Analytic Framework for Assessing Financial Stability Risk
AFREF submitted comment letters to the Financial Stability Oversight Council (FSOC) on two proposals that would strengthen its toolbox for addressing threats to financial stability, including those related to climate change, and make it easier to designate nonbank companies like asset managers and insurance companies as systemically important institutions that need enhanced regulation by the Federal Reserve Board.
The letters detail how threats to financial stability from nonbank financial institutions are growing, and it encourages FSOC to quickly strengthen and finalize its proposals to be able to respond effectively and proactively to emerging risks. Many nonbank financial institutions already face heightened stress from large climate-related shocks, including several major insurers’ recent decisions to withdraw coverage from many states and zip codes. Insurance companies, asset managers, private equity firms, and other nonbank financial institutions are also creating significant risks to the financial system through their insured or financed emissions — risks that are often forced upon other financial institutions and consumers who will struggle to manage them.