Climate change

In letters to Freddie Mac and Fannie Mae, six Democrats asked how the mortgage giants are factoring extreme weather into their risk modeling.

Federal Reserve Chair Jerome Powell said he was “comfortable” with a recent speech by Gov. Lael Brainard objecting to significant aspects of the Community Reinvestment Act plan proposed by the OCC and FDIC.

Bank for International Settlements report says central banks don't have tools to handle climate change; banks could face different CRA rules.

The Massachusetts senator and presidential contender sent a letter to eight of the biggest U.S. banks asking about how they assess climate-related risks to assets and how they plan to mitigate social and economic fallout.

Citi, Goldman chiefs say they won’t be pressured to stop financing companies based on carbon footprint; Vodafone bolts from Facebook’s digital currency project.

Stateside banks are starting to play catch-up to banks worldwide that are incorporating environmental, social and governance factors into their underwriting. Pressure from big shareholders is a driving force.

Marcus and the Apple credit card accounted for 3% of the bank’s profit in the first three quarters of 2019, despite a multibillion-dollar investment in consumer operations; the senator’s plan would make it easier to expunge debt.

The bank is working with a Swedish fintech to offer a tool that lets account holders track how their spending choices might be contributing to climate change. The tool may never be a big moneymaker, but it could help the San Francisco bank attract customers and recruit employees.

The Bank of England will examine banks' and insurers' exposure to global warming and risks associated with any transition to a lower-carbon economy.

Regulators said the living wills of six banks — not Goldman or JPM — need tweaking; the investment values the global business travel unit at $5 billion.

The bank announced a $750 billion plan to “focus on climate transition and inclusive growth”; the seven biggest banks have passed three years in a row.

The plan would increase lending and transparency, the regulators say; the company says the rule unfairly lumps together digital wallets and prepaid cards.

USAA won $200M from Wells Fargo in patent fight — will others be on the hook?; three takeaways from regulators' approval of the BB&T-SunTrust merger; don't believe the doom and gloom on Fannie, Freddie; and more from this week's most-read stories.

Banks’ third-party technology providers may face increased scrutiny; Rep. Porter wants more data about "confusing" checking account fees.

Readers react to the FDIC's proposal allowing banks to hire ex-cons, regulators looking into climate-change risk at banks, whether rewards programs drive loyal customers and more.

Shoppers will soon be able to work out the true carbon footprint of their purchases thanks to an app from one of the most digitally savvy nations in the world.

Five Democrats running for president support the legislation introduced Wednesday that would require the central bank to form an advisory group to analyze how climate change would affect the financial system.

In recent months federal regulators have been speaking out on the risks that extreme weather events pose to the financial system, something their European counterparts have been doing for some time.

The two previously worked at BNY Mellon in similar roles, Scharf as CEO and Daley as head of public affairs; Michael Johnson’s demotion follows the bank’s massive data breach in July.

The big five banks had divergent results; San Francisco Fed publishes 18 papers on the dangers posed to businesses and communities by climate change.