News stories tagged climate change
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Filene Issues Report on Climate Change
The Changing Climate for Credit Unions Climate change is one of the most important—if not the most important—challenges of the twenty-first century. Transformational change is necessary to confront and adapt...
Do All Financial Institutions Have A Role To Play In Combating Climate Change?
Courtesy of Henry Meier, Esq., SVP, General Counsel, New York Credit Union Association Of course they do, but that’s not the appropriate question that regulators should be asking themselves. The...
BRIEFLY: Tiny FCU conserved; Louisiana leader retires; OCC developing guidance on climate change risk; Exam Council revamps notification system
(Nov. 12, 2021) NCUA late last week placed the tiny Pomona Postal FCU of Pomona, Calif., into conservatorship, saying the credit union’s most recent call report shows it had 717...
BRIEFLY: Fed statement: climate change poses ‘significant challenges’ to financial stability, safety and soundness; FDIC creates office to support ‘mission-driven banks’
(Nov. 5, 2021) Climate change poses “significant challenges” to the safety and soundness of financial institutions and the stability of the financial sector more broadly, the Federal Reserve said in...
3rd party exam authority, climate change addressed
(Oct. 1, 2021) Other key moments of the Harper nomination hearing included: Harper again endorsed third-party vendor exam authority for NCUA (which would require a statutory change). “Bank regulators have...
BRIEFLY: New comms staffer at NCUA; Hiring of people of color up at agency; LIBOR legacy contract legislation advocated; Biden reportedly preparing order to assess climate change ‘financial risk’
(April 16, 2021) Samuel Schumach was tapped as deputy director for external affairs and communications at NCUA this week by agency board Chairman Todd Harper. Schumach previously served as legislative...
Fed sets up committees to address climate change
(March 26, 2021) Two new Federal Reserve committees will focus on the impact of climate change on financial stability, Fed Board Gov. Lael Brainard said this week, as the agency...
NY climate change stance cited once more
(Feb. 12, 2021) The New York State Department of Financial Services (NYDFS) was cited, again, this week for its position on financial risk through climate change in a report issued...
New NCUA chair sees continuing partnerships with states as ‘invaluable’
(Feb. 12, 2021) A continuing partnership with state supervisors “will be invaluable” to ensuring a viable dual-chartering credit union system, NCUA Board Chairman Todd Harper said in a webinar Thursday,...
Report finds climate change presents physical, transition risks
(Nov. 25, 2020) Physical risks posed to financial stability by climate change – even in the short term — include a sharp fall in asset prices and an increase in...
In a first of its kind, NY cites risk from climate change
Credit unions and banks in New York have been advised by their state regulator to integrate financial risks from climate change into their governance, risk-management and business strategy frameworks, reportedly...