On March 31, 2025, the U.S. Office of the Comptroller of the Currency announced its withdrawal from participation in interagency principles for climate-related financial risk management for large financial institutions. While the OCC expects all banks to have effective risk management processes commensurate with their size, complexity and financial activities, having additional principles for climate-related risk was overly burdensome and duplicative. According to Acting Comptroller of the Currency Rodney Hood, the OCC’s existing guidance ensures that banks have risk management frameworks for all activities, including potential exposures to severe weather events or natural disasters.
April 2, 2025