Basel Finalizes Climate Standards, Advances Those for Crypto

The Basel Committee today announced progress on two key policy concerns:  climate risk and cryptoassets.  Although it did not release its final action, the Committee has finalized proposed high-level principles for climate-risk management and scenario analysis (see FSM Report CLIMATE12).  As we noted in our initial analysis, Basel tried here to give banks and regulators considerable time to ramp up climate-risk analytics and yet make clear that doing so is urgent.

Brown Portrays Wells Fargo as Repeat Offender

Senate Banking Chairman Brown (D-OH) today sent a blistering letter to Wells Fargo CEO Charles Scharf accusing the bank of failing to combat racial and gender discrimination in light of allegations that Wells Fargo conducted fake job interviews for minority and female candidates.  The Senator also contends that the bank’s commitment of $150 million to its new refinancing program in response to the chairman’s letter is inadequate.

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