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The Securities and Exchange Commission is considering “softening” its ICBA-opposed proposed rule to institute climate-related investor disclosures, according to The Wall Street Journal.
Threshold Adjustment: Citing unnamed sources, the Journal reported that the SEC is considering raising the threshold at which companies must report climate costs following pushback from investors, companies, and lawmakers.
ICBA Opposition: ICBA strongly opposes the SEC proposal, noting in its comment letter and in a recent American Banker op-ed that it contains no exemption for community banks and threatens to impose unprecedented costs and potential liabilities on local institutions.
Background: The SEC proposal would require registrants to include certain climate-related disclosures in their registration statements and periodic reports about governance of climate-related risks, relevant risk management processes, direct and indirect greenhouse gas emissions, and more.
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The House and Senate’s banking committees this week are scheduled to host their first hearings of the 118th Congress.
ImageFeb 6, 2023
ICBA called on the Department of Housing and Urban Development to clarify lender obligations under draft guidance on borrower requests for Reconsideration of Value, or ROV, of appraised properties for Federal Housing Administration single-family loans.
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The Treasury Department’s Bureau of the Fiscal Service issued a proposed rule to amend its regulations governing the payment of checks drawn on the U.S. Treasury.
ImageFeb 3, 2023
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