OCC Publishes Draft Principles on Climate Risk for Comment

Draft principles relating to climate-related financial risks were published by the OCC on December 16, 2021, and are open for comment through February 14, 2022. The OCC observed that weaknesses in identification, measurement, monitoring, and controlling potential climate risks could adversely affect banks’ safety and soundness, as well as the overall financial system. The draft principles are intended to provide large banks (i.e., banks with assets in excess of $100 billion) with a high-le…