NAFCU’s Regulatory Committee met Tuesday and discussed the Financial Stability Oversight Council’s (FSOC) October meeting regarding climate change where a long-awaited report detailing climate-related financial risks and recommendations was unveiled. NAFCU also provided an overview of rulemakings currently open for comment from the NCUA, CFPB, Federal Housing Finance Agency (FHFA), and Federal Reserve.
President Joe Biden in May signed an executive order to combat climate-related financial risks. Among its provisions, the order directed Treasury Secretary Janet Yellen to study and report on climate risks within the financial system in coordination with members of the FSOC, which includes the NCUA and other financial regulators. During the meeting, members of NAFCU’s regulatory affairs team reviewed the FSOC report on climate change and discussed future advocacy efforts on this topic with committee members.
NAFCU has provided feedback to the FHFA on the risks climate change and natural disasters pose to the housing finance system and advocated for coordinated efforts among FSOC and other federal agencies. NAFCU will continue to monitor and engage in these efforts.
In addition, the group discussed the NCUA’s request for comment regarding changes to the Call Report, as well as the CFPB’s proposed rule to implement changes made by section 1071 of the Dodd-Frank Act.
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