Greenwashing remains at the top of enforcement agendas in 2024. Marketing products and services as “green” and “sustainable” is a common practice and seen as an important way to attract the attention of environmentally...more
On September 18, 2023, following a two-year development process, the Taskforce on Nature-related Financial Disclosures (TNFD) published its final recommendations (the Recommendations) to help market participants with...more
11/29/2023
/ Biodiversity ,
Business Strategies ,
Capital Investments ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Regulatory Requirements
On September 19, 2023, the U.S. Treasury Department introduced nine guiding principles for private sector financial institutions that have made net-zero commitments. The principles are intended to highlight and encourage the...more
The Hong Kong Monetary Authority (HKMA), Hong Kong’s de facto central banking institution, issued a directive for banks setting out high-level principles on planning for a transition to a net-zero economy. In a “Dear CEO”...more
10/17/2023
/ Banks ,
Business Strategies ,
Climate Action Plan ,
Climate Change ,
Corporate Governance ,
Financial Institutions ,
Financial Services Industry ,
Hong Kong ,
Hong Kong Monetary Authority (HKMA) ,
Net Zero ,
Transparency
In a report published in August 2023, non-profit disclosure organization CDP concluded that financial institutions often are not accounting for nature-related risks and opportunities in their “financial decision-making,” and...more
In early September 2023, the Green Technical Advisory Group (GTAG) issued two reports relating to the treatment of green financial products and taxonomy reporting. GTAG was established in 2021 and is an expert group that...more
Consumers’ Research, a nonprofit organization claiming to challenge “companies that have chosen to put woke politics above consumer interests,” announced in June 2023 that it was launching a publicity campaign against a...more
In a report published in June 2023, the Columbia Center on Sustainable Investment (CCSI) claims that many financial institutions’ climate strategies are not currently aligned with global climate goals under the Paris...more
In May 2023, the World Benchmarking Alliance (WBA) released a report on the first edition of its Financial System Benchmark, which assesses financial institutions’ progress toward climate change goals. The WBA is a non-profit...more
Between February 23 and March 3, three leading global financial institutions announced updated environmentally linked targets aimed at reducing by 2030 their financed emissions in carbon intensive sectors, including oil &...more
3/21/2023
/ Carbon Emissions ,
Climate Action Plan ,
Climate Change ,
Corporate Social Responsibility ,
Critical Infrastructure Sectors ,
Deutsche Bank ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Financial Services Industry ,
Financing ,
HSBC
A lot of ink has been spilled in the last 72 hours regarding the historic developments involving Silicon Valley Bank and Signature Bank. Our quick summary of the facts and law is below. Cadwalader will continue to monitor...more
Under a proposed amendment to the UK’s Financial Services and Markets Bill, the Prudential Regulation Authority (PRA) could be empowered to review appropriate risk weighting and capital requirements associated with a...more
On February 9, 2023, Treasury Secretary Janet Yellen spoke at the Center for Strategic and International Studies, urging the World Bank to “evolve” and be “bolder and more imaginative” in its operational approach to tackling...more
3/1/2023
/ Banks ,
Climate Action Plan ,
Climate Change ,
Critical Infrastructure Sectors ,
Debt Instruments ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Financial Services Industry ,
Green Finance ,
Lending ,
Secretary of the Treasury ,
U.S. Treasury ,
Urban Planning & Development ,
World Bank
On February 3, the Chair of the House Financial Services Committee, Patrick McHenry, announced the establishment of a nine-person Republican ESG Working Group to “combat the threat to our capital markets posed by those on the...more
In January 2023, the European Central Bank (ECB) and the European Banking Authority (EBA) released their opinions on the first set of European Sustainability Reporting Standards (ESRS). As we have previously discussed, a...more
On January 2, the New York City (NYC) Comptroller, Brad Lander, the NYC Employees’ Retirement System, the NYC Teachers’ Retirement System, and the NYC Board of Education Retirement System, announced that they had submitted...more
1/31/2023
/ Business Strategies ,
Climate Action Plan ,
Climate Change ,
Comptroller ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Greenhouse Gas Emissions ,
Pension Funds ,
Popular ,
Underwriting
To ring in the new year, Kentucky’s Treasurer, Allison Ball, announced a list of eleven financial institutions that she claims are engaged in “energy company boycotts.” According to Ball, the list “was crafted after careful...more
On December 16, 2022, the Board of Governors of the Federal Reserve System (the “Board”) adopted a final rule (the “Final Rule”) to implement the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”). The Final Rule follows...more
Sylvie Goulard, Deputy Governor of the Banque de France, the French central bank, stated in a speech on October 24 that central banks need to take more aggressive action regarding nature-related risk. She posited that...more
On July 11, 2022, the Alternative Reference Rates Committee (the “ARRC”) published a “Playbook” to assist market participants in transitioning their legacy LIBOR contracts to an alternative rate by June 30, 2023. The...more
On March 30, 2022, the Federal Deposit Insurance Corporation (“FDIC”) requested comment on draft principles “that would provide a high-level framework for the safe and sound management of exposures to climate-related...more
On February 3, 2022, the U.S. Senate Committee on Banking, Housing, and Urban Affairs (the “Committee”) considered President Biden’s nomination of Sarah Bloom Raskin for Vice Chair for Supervision and a Member of the Board of...more
On October 21, 2021, the Financial Stability Oversight Council (“FSOC”), established in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act to respond to emerging threats to the stability of the U.S....more
10/25/2021
/ Banking Sector ,
Climate Action Plan ,
Climate Change ,
Critical Infrastructure Sectors ,
Dodd-Frank ,
Environmental Justice ,
Environmental Social & Governance (ESG) ,
Financial Institutions ,
Financial Regulatory Reform ,
FSOC ,
Regulatory Oversight ,
Risk Controls ,
Risk Mitigation ,
Threat Management
Recent events have made it clear that there is an increased regulatory focus on the conduct of investment professionals in the wealth-management industry. ...more
Over the last several weeks, two notable cases in federal court challenging certain aspects of the business model of marketplace lending companies headed down separate paths. ...more
3/16/2018
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Choice-of-Law ,
Consumer Financial Products ,
Consumer Protection Laws ,
Financial Institutions ,
Financial Services Industry ,
Loan Agreements ,
Motion To Stay ,
Online Marketplace Lending ,
Regulatory Oversight ,
True Lender ,
Usury