Risk management

Until recently, only the largest financial services firms were tallying the risks from climate change and opportunities in the green economy. But a new report from Regions Financial suggests the practice is gaining wider traction.

Fiscal restraint, the reversal of enormous amounts of monetary stimulus, smarter regulation and job retraining are among the public policy steps that could interrupt the long U.S. tradition of boom-and-bust cycles.

For the first time, the FDIC, Federal Reserve and OCC have combined efforts to advise banks on risk management procedures when working with nonbank partners.

The issues associated with environmental, social and governance policies cut across all the traditional concepts of risk facing bank executives and will endure for years.

All public companies could be on the hook for detailing climate-related risks — including those of clients. The data-gathering burden might be especially heavy for banks, industry officials say, because they lend to and invest in so many companies across so many industries.

Sixty-one percent of executives at large U.S. banks said their institution would be prepared to comply with the kind of testing now happening in the U.K., according to a new survey. But experts question whether bankers are underestimating the data-gathering challenges ahead.

The huge buffers that banks built up over the pandemic are protecting the financial system from looming threats, regulators told President Biden during a meeting that also touched on climate change, extension of credit to the underserved and other topics.

A slew of websites operated by financial institutions, governments and airlines including Hong Kong Exchanges & Clearing and Australia’s central bank went down briefly Thursday in the second global internet outage in two weeks.

The Federal Reserve has privately told Deutsche Bank that its compliance programs aren’t up to snuff, signaling that the scandal-plagued bank is failing to adhere to a number of past accords with U.S. regulators, according to people familiar with the matter.

In addressing systemic risks posed by fluctuating cryptocurrency values, the Federal Reserve and other central banks must acknowledge that quantitative easing has driven up the price of digital assets.

Texas moved closer to enacting a law that would ban government work with Wall Street banks whose policies restrict the firearms industry, marking a pushback from Republicans in the gun-friendly state against corporations taking sides in America’s political fights.

JPMorgan Chase was warned by its compliance team over the “great risk” of corruption just days before it made the last of three transfers that totaled $875 million to a former Nigerian oil minister.

“You all will not let me breathe” is just one example in the CFPB’s complaint database where a consumer likened alleged mistreatment by a financial institution to social injustice. An artificial intelligence firm uses technology to help companies flag such language.

Credit unions are warning members that fraudsters are trying to prey on them by asking for data in exchange for appointments that turn out to be bogus.

Citigroup, the world’s largest credit card issuer, is looking to jump-start efforts to acquire new cardholders after the pandemic caused it to curtail such activities last year.

In a speech, Federal Deposit Insurance Corp. Chair Jelena McWilliams zeroed in on the potential for outdated technology to impede the banking industry and even threaten the sector’s resilience.

Mastercard is updating the requirements it sets for banks that process payments for sellers of adult content.

As more states legalize online gambling, the credit union is preventing members from using their credit and debit cards on those sites. Others could follow its lead.

President Biden plans to direct his administration to develop a strategy on climate-related risks for public and private financial assets, according to a draft document seen by Bloomberg News.

Like their counterparts in the U.K., U.S. regulators should be working closely with the private sector to establish principles and guardrails to direct and focus tech advancements in ways that will protect consumers and financial stability.