OCC withdraws climate risk principles for largest banks
Acting comptroller calls principles overly burdensome and duplicative
The Office of the Comptroller of the Currency (OCC) on March 31 withdrew the principles by which it had provided the largest US banks with guidance on climate-related financial risks.
In a statement, acting comptroller Rodney Hood said the principles had been “overly burdensome and duplicative.”
“I will continue to look for appropriate opportunities to calibrate regulatory requirements to be effective, not excessive,” he said. He added that the remaining guidance included “potential exposures” to
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