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.