Investments

The scheduled meeting with members of the House Financial Services comes at a time when large banks are warning of significant losses tied to the derivatives blowup at the hedge fund Archegos Capital.

On Dec. 31, 2021. Dollars in thousands.

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.

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.

Bank of America said Tuesday that it would up its initial commitment from $1 billion to $1.25 billion and would increase support in Asian American communities, where violence and incidents of harassment have risen sharply during the COVID-19 pandemic.

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.

For banks that pass this year’s stress tests, the Federal Reserve said it will eliminate the restrictions on dividends and share buybacks while subjecting those institutions instead to the stress capital buffer.

The Rainforest Action Network says the 2020 decline stemmed more from weak energy demand during the pandemic than banks’ pledge to reduce financing to firms that contribute to climate change.

Treasury Secretary Janet Yellen said she prefers to have the Financial Stability Oversight Council flag hazardous activities by nonbanks rather than subject specific firms to heightened supervision.

Executive vice presidents and above will be evaluated on how they contributed to progress on efforts to curb the firm’s use of carbon, improve financial inclusion and reach gender-pay parity, CEO Michael Miebach said in a memo to staff.