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ARTICLE · 21 DECEMBER 2022

Climate-Related Risk Management Principles Released By US Federal Reserve

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On December 2, 2022, the Board of Governors of the Federal Reserve System ("Federal Reserve") released draft principles for managing exposures to climate-related financial risks ("Climate Principles").

United StatesFinance and Banking
Matthew Bisanz
Matthew Bisanz
J. Paul Forrester
J. Paul Forrester
Megan S. Webster
Megan S. Webster
Kerri Elizabeth Webb
Kerri Elizabeth Webb
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On December 2, 2022, the Board of Governors of the Federal Reserve System ("Federal Reserve") released draft principles for managing exposures to climate-related financial risks ("Climate Principles").1 The Climate Principles generally are targeted at institutions with over $100 billion in total assets that are regulated by the Federal Reserve, including US branches and agencies of foreign banking organizations with over $100 billion in assets held at the branch or agency.2

Except for the minor points discussed below, the Climate Principles are substantially similar to principles that were proposed by the Office of the Comptroller of the Currency ("OCC") in December 2021 and the Federal Deposit Insurance Corporation ("FDIC") in March 2022. (Please see our earlier Legal Updates for a discussion of the substance of the OCC's principles and FDIC's principles.)

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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