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Climate Risk Consortium

 

 

Content Spotlight

Determining the Materiality of
Climate-Related Financial Risk

A guide for financial institutions from RMA’s Climate Risk Consortium

 

 

What Is RMA's Climate Risk Consortium?

RMA’s Climate Risk Consortium brings together risk management professionals at financial institutions with the purpose of advancing awareness of and addressing risks relevant to climate change. 

Members of the groups are committed to:

Developing frameworks and recommendations for governance, disclosure, and risk management principles

Sharing experiences with peers 

Helping to move the industry forward on the topic of climate change risk

Interested in joining the Climate Risk Consortium?

Contact Us

   

Member Banks:

Currently, 30 large financial institutions are involved in the RMA's Climate Risk Consortium.

  • Ally
  • ATB Financial
  • Banco Popular
  • Bank of America
  • BMO
  • Capital One
  • Citigroup
  • Citizens Financial
  • CoBank
  • Fannie Mae
  • Fifth Third Bank
  • First Horizon
  • First-Citizens
  • Freddie Mac
  • Huntington
  • KeyBank
  • M&T Bank
  • MUFG
  • National Bank of Canada
  • PNC
  • RBC
  • Regions
  • Santander
  • Société Générale
  • Sumitomo Mitsui Bank
  • Toronto Dominion
  • Truist
  • US Bank
  • USAA
  • Wells Fargo

The Consortium launched in September 2021.

 

 

2024 Climate Risk Consortium Initiatives:

Governance

Helping banks develop a climate risk strategy, including risk appetite, training, policies, and Board assessments.

Disclosures

Communicating in a common voice to regulators and assessing/preparing for regulatory disclosures. 

Risk Management

Developing common metrics and targets for reporting and benchmarking; organizational design for scenario analysis and stress testing. 

      

RMA Climate Risk Consortium Files Comment Letters

NYDFS​ Proposed Guidance
Proposed Guidance for New York State Regulated Banking and Mortgage Organizations Relating to Management Of Material Financial Risks from Climate Change.

 

FRB Climate Principles
Principles for Climate-Related Financial Risk Management for Large Financial Institutions (Federal Reserve Board Docket No. OP-1793)​

 

BCBS – Basel Committee on Bank Supervision​
Proposed Principles for the Effective Management and Supervision of Climate-Related Financial Risks

 

Office of the Comptroller of the Currency​
Proposed Principles for Climate-Related Financial Risk Management for Large Banks​

 

Federal Deposit Insurance Corporation​
Proposed Principles for Climate-Related Financial Risk Management for Large Financial Institutions (RIN 3064-ZA32)​

 

Securities and Exchanges Commission​
Proposed Framework for The Enhancement and Standardization of Climate-Related Disclosures for Investors, 87 Fed. Reg. 21334

 

Financial Stability Board
Interim Report on Supervisory and Regulatory Approaches to Climate-related Risks ​

 

ISSB – International Sustainability Standards Board
Exposure Draft of IFRS S2 Climate-Related Disclosures ​

 

Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and Board of Governors of the Federal Reserve System​
Joint Notice of Proposed Rulemaking to Amend the Regulations Implementing the Community Reinvestment Act Of 1977​

Interested in joining the Climate Risk Consortium?

Contact Us

 

 

Content Spotlight

U.S. Climate Regulatory Guide for Banking Organizations

This guide focuses on key legal and regulatory developments in the United States related to climate change and their impact on banking organizations.  It also touches on related developments in environmental, social, and governance (“ESG”) issues, particularly as they relate to climate change regulation, and briefly addresses key international developments. 

Read The Full Report

 

 

Additional Climate Content

Resources & amp; Content