FDIC climate comment letters due this week

Community bankers have until this Friday, June 3, to submit personalized comment letters to the FDIC on its draft statement of principles for climate-related financial risk management for large financial institutions.

Grassroots Resources: To help community bankers submit unique comments by Friday’s deadline, ICBA offers on its website a summary of the proposal and guide to submitting a comment letter to the FDIC.

Proposal: The FDIC proposal would impose a climate-related financial risk management framework for institutions over $100 billion in assets. However, the FDIC said in releasing the plan that all financial institutions may have material exposures to climate-related financial risks—raising concerns that the principles will trickle down to community banks.

Key Concerns: Using ICBA’s summary of the proposal and guide to submitting a comment letter, community bankers can also point out that they are not threatened by climate-related financial risks, already manage climate-related risks, and are experienced at helping local communities prepare for and recover from severe weather events.