Climate change

Bank of America, which has had an environmental business goal since 2007, is significantly increasing its current commitment.

It's no longer a matter of if, but when, regulators will require banks to document the impact of global warming on their loan portfolios and other operations.

Dozens of European and U.S. banks are considering throwing their weight behind the White House’s Earth Day summit under plans being drawn up by former Bank of England Gov. Mark Carney.

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.

Policymakers have scrutinized social disparities in the financial system and banks' climate-change risks. That has led to a new line of attack from Republicans who say agencies such as the Federal Reserve should stay in their lane.

Treasury Secretary Janet Yellen conducted her first meeting as chair of the Financial Stability Oversight Council and set the stage for a potential recalibration of the panel's role after it was weakened in the Trump administration.

Climate groups are calling on John Kerry, the special presidential envoy for climate, to shut off the flow of money from Wall Street to the fossil-fuel industry and acknowledge the role of U.S. finance firms in warming the planet.

Activist investors are pressuring big banks to further curtail lending to the fossil-fuel industry, undergo so-called racial-equity audits and disclose more about their lobbying practices and financing of nuclear weapons manufacturers.

Sen. Pat Toomey, R-Pa., warned the regional Federal Reserve bank that its papers about environmental, social and corporate governance policies hurt its ability to stay neutral on partisan issues.

The move is part of a broader push at Citigroup to reduce carbon emissions. Jane Fraser, who took over as CEO on March 1, vowed on her first day that the bank would achieve net-zero greenhouse gas emissions in its financing activities by 2050.