Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the CFPB
On October 24, US banking regulators, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (the “agencies”), issued long-awaited guidance...more
This latest edition of the regulatory initiatives paper sets out at a high level the core regulatory issues that are likely to impact private fund managers in the coming months, including an overview of the key actions needed...more
On March 21, the U.S. Securities Exchange Commission (SEC) proposed far-reaching climate-related disclosure rules for public companies that do business in the United States. In a 3-1 vote, the SEC proposed rules that would...more
INTRODUCTION - In her keynote remarks at COP26 during the Finance Day Opening Event, Treasury Secretary Janet Yellen discussed the Financial Stability Council’s (FSOC) historic Report on Climate-related Financial Risk...more
- Financial regulators will use their supervisory authority to make sure banks weigh the risks of lending to, investing in and otherwise supporting carbon centric activities. - The risk-based approach will force a...more
The Financial Stability Oversight Council (“FSOC”) issued a document on October 21st titled: Report on Climate-Related Financial Risk 2021 (“Report”) The Report was issued in response to the Biden Administration’s Executive...more
In This Issue. The Treasury Department’s Financial Stability Oversight Council (FSOC) issued a report acknowledging climate change as threat to financial stability; Federal Reserve Governor Michelle Bowman advocates for...more
A wide-ranging report encourages regulators to take a concerted approach to combat climate-related risks to the US financial system. On October 21, 2021, the Financial Stability Oversight Council (FSOC) published a...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
In a recent notice to the industry the Federal Insurance Office (“FIO”) set forth a series of requests to both life and property/casualty insurers for information as to the impact of climate change on both their insurance...more
There are less than two months before world leaders meet in Glasgow for the UN-sponsored Climate Change summit known as the Conference of the Parties (COP 26). This summer, we have been inundated with dire reports about...more
As spring turns to summer, climate change is on our minds. A new day, a new story about how financial institutions are addressing climate-related risks. In the past few months, six major banks—Bank of America, JPMorgan...more
US President Joe Biden’s May 20, 2021, executive order laid out an aggressive, whole-of-government plan to address climate change risk, including a set of directives that will have a major impact on the operations of the...more
In This Issue. President Biden signed an executive order addressing climate-related financial risks; the Office of the Comptroller of the Currency (OCC) finalized a rule applicable to national banks and federal savings...more
On May 20, 2021, President Biden signed a long-anticipated Executive Order on Climate-Related Financial Risk (the “Executive Order”). The Executive Order establishes a policy “to advance consistent, clear, intelligible,...more
In an extended Earth Day event, President Biden hosted the virtual Leaders Summit on Climate (“Summit”) on April 22 and 23, seeking to unite nations around the world in the goal of reducing global greenhouse gas (“GHG”)...more