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Wall Street Banks Must Disclose Climate Threats by Next Year, OCC Says

  • Regulator sets climate response as a banking priority
  • Agency expects U.S. firms to understand their exposures
Michael Hsu

Michael Hsu

Photographer: Al Drago/Bloomberg

Wall Street banks should be ready to answer key questions about their exposure to climate change by next year, said Michael Hsu, the acting chief of the Office of the Comptroller of the Currency. 

“Time is running out,” Hsu said Monday in a speech that outlined how U.S. banks will be required to report the risks they face from a warming planet. “We are racing against increasing numbers of costly extreme weather events.”