In this report, we go in depth into the new Fed climate-change supervisory policy detailed in remarks delivered yesterday by Kevin Stiroh, the head of supervision at the Federal Reserve Bank of New York and thus a key official in this arena. While nominally unofficial comments, these remarks as always reflect established policy and, because in this case the policy is brand new, it has strategic as well as reputational-risk impact. Emerging best practices described in this report are leading to near-term supervisory consideration that, for example, may affect banks with large fossil-fuel exposures or, conversely, those contemplating sustainability policy.
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