Climate change

With taxpayer dollars and creative deals, these nonprofit funding institutions can help recruit private-sector capital off the sidelines and into underserved markets, leveraging as much as $8 in private funding for every $1 that comes from the government.

The House passed the legislative package, which includes an excise tax on stock buybacks, in a 220-207 vote.

The Biden administration is poised to put its stamp on the banking regulatory landscape, but there are few slam-dunk solutions that will satisfy both the industry and a vocal Democratic base.

Jonathan Fink will be associate chief counsel, while Patricia Grady will serve as deputy chief counsel. Fink has been a leading public face on climate risk at the agency in recent months.

The HSBC Holdings executive at the center of a row over climate change risks has resigned from the bank as he issued a broadside against corporate “cancel culture.”

Europe’s landmark test of banks’ resilience to global warming was far softer than many lenders had expected, according to people familiar with the matter.

In its semiannual risk report, the Office of the Comptroller of the Currency said it was working to provide clarity on the legality and soundness related to digital assets.

A report from the Roosevelt Institute published Monday urges Biden’s bank regulators to address climate risks through supervisory guidance, a move unlikely to garner support from banks. 

Regulators must be cognizant of any threat that could harm the financial sector while resisting the urge to overstep their authority to set policy that should be decided by Congress.

Strong climate policy and continued development of stress-testing tools by central banks are essential to transitioning to carbon neutrality.

HSBC Holdings has suspended executive Stuart Kirk days after he criticized the finance industry for worrying too much about climate change, according to a person familiar with the matter.

The card company and financial institutions are collaborating with cross-border settlement platform Carbonplace to improve processing and risk management for environmentally-focused transactions.

The rule, which runs well over 500 pages, is expected to meet resistance from bankers worried about the regulatory burden of calculating the carbon emissions from their borrowers.

Environmental impact calculators, fee reductions and carbon offsets are becoming part of the playbook for BNY Mellon, Visa, Mastercard, Klarna and others.

Bank of America said it will make all of its plastic credit and debit cards from recycled material beginning next year. 

Bankers trying to get their net-zero CO2 targets certified now face hard deadlines to reduce capital flows to fossil fuels.

JPMorgan Chase said it financed and facilitated $285 billion last year toward its $2.5 trillion, 10-year commitment to initiatives that combat climate change and advance sustainable development. 

Bank of America saw its busiest year on record for sustainable finance deals as demand for environmental, social and governance investments accelerates. 

Canadian Imperial Bank of Commerce plans to cut the emissions intensity of its lending to the oil and gas sector by 2030, part of a plan to reach net-zero emissions from its operations and financing activities by 2050.