On March 31, the OCC announced that it had withdrawn from participating in the interagency principles for managing climate-related financial risks for large financial institutions. Acting Comptroller Rodney Hood stated that the guidance was “overly burdensome” and duplicated existing guidelines, which already require banks to maintain a sound risk management framework covering various risks, including those from severe weather events or natural disasters. The OCC’s announcement emphasized that banks should have risk management processes appropriate to their size, complexity and activity risk.
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