WASHINGTON–The Financial Stability Oversight Council (FSOC), of which NCUA is a member, has been newly charged with providing advice on climate-related financial risks to federal financial institution regulators.
FSOC’s new Climate-related Financial Risk Advisory Committee (CFRAC) will help to improve the collective understanding of how climate change may impact the financial sector.
“The newly established advisory committee will also ensure that state and federal policymakers hear from leading experts on climate-related financial risks,” said Treasury Secretary Janet Yellen, who chairs FSOC.
Treasury said the 20-member committee will help the FSOC “receive information and analysis on climate-related financial risks from a broad array of stakeholders.”
Members of the group include representatives of the financial services industry, non-governmental research institutions, climate-related data and analytics providers, non-profit organizations, and academia, according to Treasury.
“Members’ climate data and analytical expertise will support regulators’ efforts to translate climate-related risks into economic and financial impacts,” Treasury said.
Meeting Set for Early 2023
The group is first set to meet in early 2023 and will assist FSOC “in gathering information on, conducting analysis of, and making recommendations to identify, assess, and mitigate climate-related risks to the financial system, consistent with the Council’s purposes and duties under the (2010) Dodd-Frank Act,” Treasury said.
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