WASHINGTON—NAFCU is calling on Congress to require standards among regulators when to comes to reporting climate-related risk.
In a letter sent ahead of a hearing held by the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, NAFCU said it “believes that there should be Congressional action prior to prudential regulators instituting compliance reporting standards for climate-related financial risks, as climate-related risks are often deemed outside their jurisdiction. Prudential banking regulators are not climate regulators and should not be wading into this space with proposed regulation.”
Who Should Lead the Way?
NAFCU Vice President of Legislative Affairs Brad Thaler further suggested the Financial Oversight Stability Council (FSOC) – rather than the NCUA – formulate guidance for all financial regulators to ensure that credit unions are not unfairly burdened as compared to other financial institutions.
“Moreover, financial institutions need to determine the risks for themselves with their management and boards of directors as they vary between geographic location and levels of physical risk exposure,” added Thaler.
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