Climate change

Credit analysts say climate risk could still pose a financial threat to financial institutions, even though the federal government has taken an ax to Biden-era climate guidance.

Earlier in the day, Fed Gov. Stephen Miran chastised the Fed for wading into politics under the Biden administration, as he currently takes unpaid leave from President Donald Trump's top advisory council.

Federal Reserve Gov. Stephen Miran said Thursday that the central bank's forays into examining climate change and racial justice under the prior administration politicized the Fed. He also argued that Fed officials should limit their comments on economic policies such as tariffs.

The Florida community bank, which raised $46 million earlier this summer, is moving ahead with its efforts to expand its national solar and renewable energy line of business.

Following deadly flash floods in Texas, the Office of the Comptroller of the Currency allowed national banks to close branches for safety.

The Florida bank plans to expand its solar lending operations while Senate Republicans look to end most tax breaks for clean energy.

In 2021, banks pledged to wind down their support for oil and gas. Last year they made a $162 billion U-turn, according to a new report from a coalition of advocacy groups.

Forbright Bank was reprimanded by the FDIC last year in connection with its use of brokered deposits. To address the issue, the Maryland-based lender has built out a digital banking arm.

The Task Force on Climate-related Financial Risks won't be disbanded, according to people familiar with the matter.

The New York megabank, which is stuck in the middle of a legal battle between climate groups and the Trump administration, had been ordered earlier this week to disburse billions of dollars in grants made during the Biden administration.

U.S. District Judge Tanya Chutkan said the Environmental Protection Agency could not suspend the previously awarded funds. The case put Citigroup in the crossfire of a legal battle between climate groups and the Trump administration.

The Office of the Comptroller of the Currency said it would cease its participation in interagency principles for regulating climate-related risks at the banks it regulates. 

A federal judge ruled that the bank must keep the $14 billion granted by the Environmental Protection Agency in the recipients' accounts. The Trump administration has been trying to pull back money distributed under President Joe Biden.

The Office of the Comptroller of the Currency announced Tuesday it had withdrawn from an international body devoted to combatting climate-driven financial risk, saying it fell outside the agency's statutory remit.

Catastrophic weather events illustrate the risks and opportunities for banks.

The Federal Deposit Insurance Corp. Tuesday officially withdrew from an international regulatory body devoted to combatting climate-driven financial risks, following similar actions by other U.S. bank regulators. 

Citing concerns about going outside its statutory mandate, the Federal Reserve Board of Governors voted to leave the Network of Central Banks and Supervisors for Greening the Financial System.

The insurance market going into the Jan. 7 catastrophe already had been hit with non-renewals and cancellations -- and an overburdened state-supported insurance plan. A Morningstar analyst said the state insurance commissioner's reform strategy could have turned it around but now faces new obstacles.

A trio of blazes in SoCal have destroyed over 2,000 homes and structures in neighborhoods with average property values well above the national average.

The wildfires add pressure to California's home insurance market, which has faced a growing crisis in recent years.