Principles for Climate-Related Financial Risk Management for Large Banks
On December 16, 2021, the Office of the Comptroller of the Currency (OCC) released draft principles to provide a framework for managing exposure to climate-related financial risks in OCC-regulated institutions with more than $100 billion in total consolidated assets. OCC states that the principles are meant to support banks in their climate risk management efforts. The OCC put out a request for feedback on the draft.
Regulations on Lending
On January 14, 2021, the Office of the Comptroller of the Currency finalized new standards against pledges by major banks to halt investment in the fossil fuel industry. The rule requires banks to provide "fair access" to financial services to companies regardless of industry. The plan appears to argets major financial institutions that have promised not to fund drilling in the Arctic National Wildlife Refuge.