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Federal Reserve, FDIC withdraw Climate Risk Management Framework for banks

The Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), announced on Thursday that they are withdrawing the interagency Principles for Climate-Related Financial Risk Management for Large Financial Institutions. Introduced in 2023, the principles were designed to help banks with over $100bn in total consolidated assets manage climate-related risks. In a statement, the regulators said: “The agencies do not believe principles for managing climate-related financial risk are necessary because the agencies’ existing safety and soundness standards require all supervised institutions to have effective risk management commensurate with their size, complexity, and activities." Five of the Fed Board’s seven members voted to approve the withdrawal. In a statement released after the decision, Governor Michael Barr, who voted against the withdrawal, said that “revoking the principles as climate-related financial risks increase defies logic and sound risk management practices," adding: “The rescission contains literally no evidence to support taking this step only two years after putting the principles into effect. We owe the public a rational, evidence-based explanation for our actions, and this rescission fails that test.”

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