WASHINGTON–The nation’s largest banks will no longer have to abide by government principles for climate-related financial risk, according to the OCC.
In a new statement, the Office of the Comptroller of the Currency (OCC) called the 2023 principles “overly burdensome and duplicative.”
Acting Comptroller Rodney Hood—the former NCUA chairman—said the updated guidance for banks’ risk management framework “applies to all activities conducted by supervised institutions and includes potential exposures to severe weather events or natural disasters.”
According to the OCC, it, along with the Fed and the FDIC, expect banks to have effective risk management processes commensurate with their size, complexity and risk of their activities.
About the Rules
At issue are rules put in place two years ago for banks of $100 billion or more in assets, which the OCC said at the time were meant “support efforts by the largest financial institutions to focus on key aspects of climate-related financial risk management.”
The rules touched multiple areas of operations, including:
- Governance
- Polices & procedures
- Scenario analysis
- Strategic planning
- Risk management & measurement
- Reporting
- Data
CFPB Releases HMDA Data
Separately, the CFPB has released loan-level information for 2024 filed by banks, with the data scrubbed to protect consumer privacy
The data was collected under the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) for 2024, and, is available on the platform hosted by the Federal Financial Institutions Examination Council’s (FFIEC), of which NCUA is a member.
The data was generated by about 4,898 financial institutions, including banks, credit unions and others, according to the CFPB.
The Bureau said the data is now available online to increase the public’s access. “Previously, users could obtain LAR data only by making requests to specific institutions for their annual data,” CFPB said in a statement.
