News & Analysis as of

Banking Sector Climate Change Financial Institutions

A&O Shearman

FSB chair letter on global outlook and priorities

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The Financial Stability Board (FSB) has published a letter from Andrew Bailey, Governor of the Bank of England, who was appointed chair of the FSB from 1 July. In the letter, the chair confirms his commitment to the FSB's...more

A&O Shearman

EBA publishes spring 2025 risk assessment report

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The European Banking Authority (EBA) has published its spring 2025 risk assessment report alongside a press release, outlining key developments and emerging risks within the European Union/European Economic Area (EU/EEA). The...more

A&O Shearman

BoE and PRA publish annual reports

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The Bank of England (BoE) and Prudential Regulation Authority (PRA) have published a series of annual reports, which are set out below. - BoE Annual Report and Accounts. The BoE has set out its strategic investment...more

Mintz

Federal Reserve Disbands Climate-Focused Internal Groups

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It has been reported that the Federal Reserve has disbanded certain internal groups that were intended to develop “institutional capacity and knowledge” with respect to climate risk. Specifically, among the groups that have...more

A&O Shearman

GHOS Meeting: Basel III implementation and climate-related financial risks

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The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision (BIS), met to discuss the implementation of Basel III and its work on climate-related...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Climate Change Financial Risk Act of 2025: U.S. Senate Legislation Introduced Directing the Federal Reserve to Address Financial...

United States Senator Brian Schatz (Hawaii) has introduced legislation titled: Climate Change Financial Risk Act of 2025 (“Act”). The Act directs the United States Federal Reserve to conduct stress tests on large...more

Jones Day

Financial Institutions May See Scope 3 Reporting Relief Under ISSB Proposals

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The International Sustainability Standards Board (ISSB) proposed targeted amendments to IFRS S2 Climate-related Disclosures standard, followed by similar changes from the Australian Accounting Standards Board (AASB) to its...more

Orrick, Herrington & Sutcliffe LLP

OCC withdraws climate risk guidelines for large banks

On March 31, the OCC announced that it had withdrawn from participating in the interagency principles for managing climate-related financial risks for large financial institutions....more

A&O Shearman

EBA report on data availability and feasibility of a common methodology for ESG exposures

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The European Banking Authority (EBA) has published a report on the data availability and feasibility of a common methodology for ESG exposures. In accordance with the mandate under Article 501c(1) of Regulation 575/2013...more

Orrick, Herrington & Sutcliffe LLP

OCC withdraws from international climate organization

On February 11, Acting Comptroller of the Currency Rodney E. Hood announced the OCC’s withdrawal from the Network of Central Banks and Supervisors for Greening the Financial System. Hood emphasized that the OCC’s “primary...more

Mintz

Increasing Divergence Between US and EU Banks in Approach to Climate Change

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Over the past several weeks, each of the major US banks have announced their withdrawal from the Net Zero Banking Alliance (presumably in response to the policy priorities of the second Trump Administration). Although...more

Orrick, Herrington & Sutcliffe LLP

Fed Member Bowman discusses challenges to mutual and community banks

On January 31, Fed Member Michelle Bowman addressed challenges faced by mutual banks and community banks at a New England CEO summit. Bowman provided a brief update on the state of the U.S. economy, including the rate of...more

A&O Shearman

Financial Stability Board analytical framework and toolkit to assess climate-related vulnerabilities

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The Financial Stability Board published a report containing a framework and analytical toolkit to assess climate-related vulnerabilities. The report introduces an analytical framework that the FSB will use to trace how...more

Skadden, Arps, Slate, Meagher & Flom LLP

Policy Updates From the UK Prudential Regulation Authority

The UK Prudential Regulation Authority (PRA) has issued significant policy updates to enhance the regulatory framework for insurers and financial institutions in the UK: - Key among these is the Policy Statement on...more

A&O Shearman

European Banking Authority publishes draft guidelines on ESG scenario analysis

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The European Banking Authority has published a consultation paper on its draft guidelines on ESG scenario analysis. For institutions using ..the internal ratings-based approach for calculating the own funds requirements for...more

Latham & Watkins LLP

European Banking Authority Launches Consultation on Guidelines on ESG Scenario Analysis

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The draft guidelines outline expectations for institutions to adopt forward-looking strategies and incorporate scenario analysis into their management framework to assess resilience against the negative impacts of ESG...more

Orrick, Herrington & Sutcliffe LLP

OCC discusses key risks in federal banking system

The OCC released the “OCC Semiannual Risk Perspective for Fall 2024,” which analyzes key risks facing the federal banking system as of mid-2024. Overall, “[t]he OCC reported that the strength of the federal banking system...more

A&O Shearman

European Banking Authority finalizes guidelines on management of ESG risks

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The European Banking Authority has published its final guidelines on the management of ESG risks. The guidelines set out requirements for institutions for the identification, measurement, management, and monitoring of ESG...more

Latham & Watkins LLP

The Story Of 2024's Biggest Bank Regs, And Their Fate In 2025

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In 2024, the U.S. federal bank regulators were extremely active, with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation. Climate issues and...more

A&O Shearman

European Supervisory Authorities and European Central Bank Publishes Results of "Fit-For-55" Climate Stress Test

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The European Supervisory Authorities (European Securities and Markets Authority, European Banking Authority, and European Insurance and Occupational Pensions Authority) and the European Central Bank have published the results...more

Cadwalader, Wickersham & Taft LLP

Business As Usual, October 2024 - OCC Releases 2025 Bank Supervision Operating Plan

The Office of the Comptroller of the Currency’s Committee on Bank Supervision sets the agency’s supervision objectives and priorities. On October 1, the Committee released the OCC’s Bank Supervision Operating Plan (the...more

Mintz - ML Strategies

2024 Pre-Election Analysis: Financial Services

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Financial services encompass a wide range of services offered by the nation’s financial institutions, including banking, mortgage, investment, and credit services. The next administration and Congress’s financial services...more

Latham & Watkins LLP

FRB Issues Report on Climate Scenario Analysis Pilot

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With regulators keeping close watch, the results underscore the need for ongoing climate risk management investment and adaptation within the financial sector. On May 9, 2024, the Board of Governors of the Federal...more

White & Case LLP

2024 Financial Institutions Outlook & Trends

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This article, updated quarterly, looks ahead to the areas expected to be prioritized by financial services regulators across the globe; we look at the key regulatory trends emerging from the past year which inform our...more

Latham & Watkins LLP

OCC, FRB, and FDIC Finalize Joint Principles for Climate-Related Financial Risk Management

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Guidance for the largest US financial institutions is intended to promote climate risk management consistent with general safety and soundness practices. On October 30, 2023, the three US federal bank regulatory agencies...more

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