October 24, 2023

OCC: Acting Comptroller Issues Statements on FDIC Board Meeting on CRA and Climate-Related Financial Risk Management

Acting Comptroller of the Currency Michael J. Hsu today issued statements at the Federal Deposit Insurance Corporation Board Meeting in support of rulemakings on the Community Reinvestment Act (CRA) and the finalization of interagency principles for climate-related financial risk management for large banks.

In his remarks, Mr. Hsu discussed how modernizing and strengthening the CRA through the issuance of the final rule brings the nation one step closer to fulling its promise to prevent redlining and encourages banks and savings associations to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods and individuals. The final rule is responsive to commenters and reduces undue burden on banks.

Mr. Hsu also discussed the importance of promoting the safety and soundness of large banks by strengthening their risk management capabilities in response to the increased frequency and severity of extreme weather events. Large banks need to be ready and develop effective risk management plans to keep their balance sheets safe and sound.

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