Global Financial Markets Podcast by Mayer Brown
132 episodes - English - Latest episode: 14 days ago - ★★★★★ - 3 ratingsThe Global Financial Markets podcast helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing our global resources from multiple practices and offices, the podcast provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.
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Episodes
CFPB Finalizes Rule Significantly Restricting Credit Card Late Fees
April 11, 2024 15:04 - 21 minutes - 24.1 MBOn March 5, the Consumer Financial Protection Bureau issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge to a mere $8—representing approximately a 75% reduction from current levels. Within two days, the Final Rule faced a challenge in the Northern District of Texas by a coalition of trade groups including the United States Chamber of Commerce, the American Bankers Association, and the Consumer Bankers Association. The challenge seeks ...
What You Need to Know About the CFPB’s Campaign Against Junk Fees
March 25, 2024 15:41 - 20 minutes - 23.9 MBThe CFPB has launched an aggressive campaign against so-called “junk fees.” This year the CFPB has released proposed rules targeting overdraft and non-sufficient funds fees and a final rule targeting credit card late fees. Along the same lines, two of the three latest editions of the Bureau’s Supervisory Highlights were marketed as special editions focused on junk fees. In this episode of our Global Financial Markets Podcast, Frank Doorley and Christa Bieker discuss what you need to know abo...
What to Expect in Banking in 2024
February 27, 2024 16:00 - 32 minutes - 37 MBThe end of 2023 saw a barrage of major proposals and other actions by US banking regulators. Many of these are contentious issues that have divided regulators and generated significant public controversy. Final proposals of some could be coming in 2024, but only if they can avoid being crowded out by the federal elections in the fall. Please join Mayer Brown partners Jeffrey Taft and Matt Bisanz as they discuss these proposals and how they may impact the banking industry.
Securitization – What to Expect in 2024
February 08, 2024 16:06 - 33 minutes - 37.9 MBPlease join Mayer Brown partners Tameem Zainulbhai, Joanna Nicholas, Melissa Kilcoyne, Evan DeCresce and Jim Antonopoulos for a discussion on What to Expect in 2024 in the fields of structured finance and securitization. They will examine some key challenges and opportunities this new year will bring to market participants, and discuss trending issues and topics affecting the structured finance and securitization markets. Topics include the mortgage landscape, CLOs, trends in auto and equi...
SEC Adopts Conflict of Interest Rule for Asset-Backed Securities
December 19, 2023 21:53 - 31 minutes - 36.2 MBThe authors of our recent Legal Update provide an overview of the SEC’s (Securities and Exchange Commission) recently adopted rule, which prohibits conflicts of interest in certain securitizations as required under the Dodd-Frank Act. Although not perfect, the final rule is a significant improvement over the proposal. However, all securitization participants will need to assess their securitization programs and implement various compliance programs before the final rule becomes effective o...
Section 1033 Rulemaking: Redefining Access to Financial Data
December 14, 2023 14:39 - 30 minutes - 34.6 MBThe Consumer Financial Protection Bureau recently proposed an extensive framework of rules to ensure consumer access to certain information at their financial institutions. The rules would require financial institutions to make certain data relating to consumers' transactions and accounts available to consumers and authorized third parties, establish obligations for third parties accessing a consumer's data, and provide basic standards for privacy, security, and data access. Please join Ma...
Unresolved Issues with the Corporate Transparency Act
December 07, 2023 18:35 - 42 minutes - 48.3 MBWith less than 30 days until the Corporate Transparency Act’s beneficial ownership reporting requirement takes effect, questions still abound. While only new entities will be subject to reporting requirements at first, thousands of those are formed every day who will need to understand—and apply—these new regulations with limited guidance. Please join Mayer Brown partners Brad Resnikoff and Matt Bisanz as they discuss some of the most pressing issues.
Community Reinvestment Act Overhaul: Finalized Changes to CRA Regulations and How They May Affect Banks
November 30, 2023 18:58 - 31 minutes - 36.5 MBThe US federal banking regulators recently finalized major changes to their decades-old Community Reinvestment Act (CRA) regulations, which will have significant consequences for many US banks. Please join Mayer Brown lawyers Kerri Webb, Kris Kully, and Jeffrey Taft as they discuss: How the final regulations differ from the proposal What the final regulations could mean for large and small banks and community development activity Where banks may find opportunities for new business...
Operational Risk Considerations Under the US Basel Endgame Proposal
November 21, 2023 20:38 - 25 minutes - 29.2 MBWhile the recent US Basel Endgame proposal will affect many elements of the capital rules, it will especially impact operational risk, a new category of capital charge for most banks. Midsize and larger US banking organizations will need to develop extensive loss-event tracking and quantification systems to comply with new operational risk requirements. Smaller banking organizations, while not required to hold capital for operational risk, should consider implementing tracking systems, given...
How the Mortgage Markets May Be Affected by the US Basel Endgame Proposal
November 09, 2023 15:02 - 23 minutes - 27.4 MBIn late July 2023, US banking agencies proposed significant revisions to the risk-based regulatory capital requirements for certain midsize and larger US banking organizations. These proposals are critical, as the amount of capital a bank must maintain with respect to any particular loan, investment or activity is among the most significant factors in determining whether an activity is profitable, or even feasible. The proposals are not “capital neutral,” and will increase the capital charge...
Market Risk Considerations Under the US Basel Endgame Proposal
October 31, 2023 13:47 - 28 minutes - 32.9 MBWhile the recent US Basel Endgame proposal will affect many elements of the capital rules, it will have a particularly significant effect on market risk, where it may increase the capital requirement by more than 50%. Midsize and larger US banking organizations and others with significant trading activity also will need to develop extensive position identification, modeling, and governance systems to comply with new market risk requirements. Smaller banking organizations, while not required ...
How Commercial Real Estate Lending May Be Affected by the US Basel Endgame Proposal
October 23, 2023 14:17 - 17 minutes - 20.2 MBIn late July 2023, US banking agencies released proposals to significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations. These proposals would have a critical impact on the banking industry, as the amount of capital a bank must maintain with respect to any particular loan, investment or activity is typically a significant—if not the most significant—factor in determining whether an activity is profitable, or even feasible. Th...
Long-Term Debt Requirements Proposed for US Regional Banks
September 20, 2023 20:15 - 26 minutes - 30.1 MBThe US federal banking regulators have jointly proposed long-term debt (“LTD”) requirements for certain midsize and larger US banking organizations. The LTD proposal would require many regional and larger banking organizations to issue approximately $70 billion of new LTD over the three-year implementation period. Additionally, affected organizations would need to restructure their top-tier holding company activities to comply with the clean holding company requirements, and conform funding ...
Recent Developments in the CFPB’s Small Business Data Collection Rule
September 14, 2023 16:18 - 31 minutes - 36.6 MBSince the CFPB’s small business data collection rule became effective earlier this year, small business lenders have been making plans to implement the new and extensive data collection requirements. At the same time, the final rule has been the subject of litigation, with several financial institutions and trade associations suing the CFPB to enjoin the rule’s implementation. On July 31, a Texas court granted a preliminary injunction preventing the CFPB from implementing or enforcing the...
How Securitization and Structured Finance May Be Affected by the US Basel Endgame Proposal, Part 3
September 08, 2023 18:28 - 24 minutes - 27.8 MBThe US federal banking regulators have jointly proposed extensive revisions to the regulatory capital requirements for midsize and larger US banking organizations. While these revisions will affect nearly all credit exposures, securitization exposures will be significantly affected by certain policy choices. Securitizations historically have benefited from highly favorable risk weights (albeit under strictly defined circumstances), and the revisions are expected to make this relief more comp...
How Capital Markets May Be Affected by the US Basel Endgame Proposal
August 31, 2023 14:30 - 23 minutes - 26.8 MBIn late July 2023, the US banking agencies released proposals to significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations and change the method for calculating the capital surcharge for global systemically important banking organizations. These proposals are of critical importance because the amount of capital a bank must maintain with respect to any particular loan, investment or activity is typically a significant—if not th...
Mortgage Market Update Part 3: Alternatives to Conventional Mortgage Loans
August 17, 2023 14:30 - 25 minutes - 29.6 MBThe primary mortgage market recently has flattened, with rising interest rates and fewer homes on the market. However, these factors, coupled with home price appreciation, have created a space for alternatives to traditional residential mortgage financing. These include single family rental (SFR), rent-to-own and home equity option contracts, i-buying, and home equity lines of credits (HELOCs). Many of these products come with specific consumer regulatory and compliance requirements—plus ...
Overhaul of Regulatory Capital Requirements Proposed By US Banking Regulators, Part 1
August 02, 2023 20:57 - 29 minutes - 33.9 MBThe US federal banking regulators have jointly proposed extensive revisions to the regulatory capital requirements for midsize and larger US banking organizations. The revisions are lengthy and would change the requirements for credit, market, and operational risk. Some of the revisions are long-expected (e.g., re-evaluation of use of internal models), but others are novel (e.g., capital charge for operational risk) or driven in response to the recent banking crisis. Further, the revisions...
Mortgage Market Update Part 2: Mortgage Securitization and MSR Updates
July 27, 2023 14:30 - 37 minutes - 42.8 MBIn recent years, the US mortgage markets have faced mounting pressure from rising interest rates, declining originations, and heightened regulation. In part two of our three-part podcast series on the current state of the US mortgage markets, Mayer Brown experts will discuss the current challenging environment for mortgage origination, as well as recent trends seen in the RMBS and CMBS securitization markets. Listeners can also expect updates on recent improvements to the Ginnie Mae securi...
Mortgage Market Update Part 1: Bank Capital Requirements and Related Developments
July 13, 2023 14:30 - 30 minutes - 34.8 MBIn recent years, the US mortgage markets have faced mounting pressure from rising interest rates, declining originations, and heightened regulation, such as EU risk retention requirements. While deals continue to be struck, they are becoming increasingly complex and expensive. We have heard of a number of similar concerns from our clients with structures like warehouse finance facilities, and we have developed some ideas on how to address them through products like credit risk transfer trad...
US Government Policy and Bank Regulatory Developments
July 06, 2023 14:56 - 31 minutes - 36.3 MBThe last few months have seen a steady stream of emergency actions from the US banking regulators, along with legislative proposals from the Hill, that have spurred debate over the necessity of regulatory action. Some of these changes may be foregone conclusions, but others are just the early innings of a vigorous debate. Also key will be the way that accounting rules—and changes to those rules—affect banks and influence the way regulators move forward. Please tune in to hear Mayer Brown pub...
Credit Risk Transfer for Regional and Community Banks: A Path Back to Growth
June 08, 2023 14:30 - 25 minutes - 29.2 MBMany regional and community banks in the United States are under intense pressure from economic forces beyond their control. This has led to a contraction in the lending markets, and may even shut off the spigot for some asset classes. Some banks might look to credit risk transfer (“CRT”) trades to keep the lending pipeline open. These cutting-edge transactions keep the loans on a bank’s balance sheet, while eliminating risk from the portfolio” and providing substantial capital relief. ...
Hot Topics in Trade Finance
May 24, 2023 17:46 - 27 minutes - 32 MBThe last few years have seen many changes and trends in the world of trade finance—not least because of well-publicized supply-chain disruptions around the globe. These and other factors have spurred changes in traditional products and pushed new structures to the fore. Please join Mayer Brown lawyers Evan DeCresce and Patrick Healy as they discuss some hot topics in trade finance.
Addressing Concerns with FinCEN’s New Reporting Rules
April 18, 2023 14:30 - 30 minutes - 35.4 MBThe Financial Crimes Enforcement Network (“FinCEN”) recently waded into unexpected controversy with the release of proposed data fields for the beneficial ownership information (“BOI”) reporting regime that will take effect at the beginning of next year. FinCEN’s inclusion of “Unknown” and “Unable to identify” options for several of the proposed data fields has generated concern that incomplete BOI may be less valuable for some users, such as financial institutions. These concerns stand in...
RESPA Compliance for Lead Generators: Recent CFPB Guidance Addresses Digital Comparison Shopping Platforms
March 23, 2023 14:30 - 32 minutes - 36.8 MBCan online lead generation be done while remaining compliant under Section 8 of the Real Estate Settlement Procedures Act (“RESPA”)? The answer is yes, but it is important to navigate the impermissible activities recently identified by the Consumer Financial Protection Bureau (“CFPB”). On February 7, 2023, the CFPB issued guidance in an advisory opinion addressing how it interprets RESPA and its implementing regulation, Regulation X, in the context of digital marketing and lead generation...
It’s That Time of the Decade: BE-12 Reports Due for Certain Cross-Border Investments
March 02, 2023 15:30 - 25 minutes - 29.4 MBMany US businesses with significant non-US investors may be required to file a BE-12 with the Bureau of Economic Analysis (“BEA”) this year as part of a survey that the BEA conducts every five years and most recently in 2018. The BE-12, also known as the Benchmark Survey of Foreign Direct Investment in the United States, is a collection of financial and operating data that must be filed by certain US businesses—even if they have not been contacted by the BEA. Determining whether a US busi...
SEC Re-Proposes Conflict of Interest Rule for Asset-Backed Securities
February 23, 2023 15:30 - 24 minutes - 28.2 MBPlease join us as the authors of our recent Legal Update provide an overview of the SEC’s (Securities and Exchange Commission) recently proposed rule to prohibit conflicts of interest in certain securitizations as required under the Dodd-Frank Act. A re-proposal of a 2011 proposed rule, the re-proposal shares some of the same issues and concerns and may be even worse in some respects. If adopted as re-proposed, the rule’s prohibition would have profound consequences for securitization mark...
Securitization: What to Expect in 2023
February 16, 2023 15:00 - 28 minutes - 32.7 MBPlease join Mayer Brown partners Jessie Dougher, Jenna Hartnett, Melissa Kilcoyne and Miller Smith for a discussion of what awaits structured finance this year. They will examine some of the key opportunities and challenges 2023 will bring to market participants and discuss topics such as trends in auto and equipment securitizations, the SEC’s recent conflict of interest proposal and other things to watch in the current regulatory landscape, RMBS, CMBS and fintech.
“Algorithmic Bias” and “Unfair” Discrimination
February 09, 2023 15:30 - 32 minutes - 37 MBAlgorithms and artificial intelligence (AI) are increasingly being deployed in the financial services industry, with massive potential to automate and enhance processes, increase efficiency, improve customer service, and augment investment and lending analyses. However, with those potential benefits come challenges, such as the risk that AI applications may result in unintended bias or “unfair” discrimination against certain sub-groups. Please join Mayer Brown partners Niketa Patel, Tori Sh...
Navigating Litigation Challenges in Explainable AI
February 02, 2023 14:30 - 28 minutes - 32.4 MBLitigation involving artificial intelligence (AI) or machine learning presents special risks due to the inherent difficulties of explaining how these tools work. Please Join Mayer Brown lawyers Reg Goeke, Alex Lakatos, and Christopher Leach as they discuss the risks of using AI tools, solutions that can help mitigate those risks, and explainability challenges that arise when litigating cases involving AI tools.
What to Expect in Banking in 2023
January 24, 2023 15:00 - 25 minutes - 29.3 MBThe end of 2022 saw a few noteworthy proposals and other actions by the US banking regulators. Final rulemakings on some proposals may come in 2023 but likely not before we see additional proposals in the first half of the new year. Some are long-awaited, and others are newly inspired, actions of the moment. Please join Mayer Brown partners Jeffrey Taft and Matt Bisanz as they discuss what’s happening and how it may impact the banking industry.
NAIC Initiatives Affecting Insurer Investments in ABS
December 15, 2022 15:00 - 33 minutes - 46.6 MBThe National Association of Insurance Commissioners (“NAIC”) recently introduced a host of initiatives related to statutory accounting, credit quality designation and related regulatory risk-based capital affecting CLOs and other types of structured finance in which US insurance companies invest. Mayer Brown partners Paul Forrester and Larry Hamilton will discuss how these initiatives are affecting insurer investments in ABS now and potentially in the future.
CFPB Update—Constitutional Crisis or Business as Usual?
December 13, 2022 15:00 - 34 minutes - 32 MBThe Fifth Circuit recently ruled that the Consumer Financial Protection Bureau’s (CFPB) funding structure is unconstitutional, casting doubt on all of the agency’s actions. But the CFPB is as active as ever. Please join Mayer Brown lawyers Ori Lev, Chris Leach, and Christa Bieker as they discuss the Fifth Circuit’s ruling and its implications as well as the agency’s recent policy, enforcement, and supervisory activities.
Increased Scrutiny of Private Equity Ownership of Insurers
November 02, 2022 17:08 - 22 minutes - 31.4 MBPrivate equity (“PE”) investment in US insurers has increased, with a particular emphasis on life insurance groups. In response, the National Association of Insurance Commissioners (“NAIC”) has taken a renewed interest in how PE investment might impact the safety and stability of the insurers involved. Mayer Brown partners Larry Hamilton and Sanjiv Tata will discuss the reasons behind this renewed regulatory interest and some of the areas that the NAIC has identified for particular scrutiny.
European Commission Report on the EU Securitization Regulation
October 27, 2022 13:49 - 13 minutes - 18.6 MBOn October 10, 2022, the European Commission published its report on the functioning of the EU Securitization Regulation. The report includes the Commission’s legal interpretation of the jurisdictional scope of the Regulation. Mayer Brown partner Neil Hamilton will discuss the Report and its impact on US securitizations offered to European institutional investors.
Understanding FinCEN’s New Beneficial Ownership Information Rule
October 20, 2022 13:49 - 26 minutes - 35.9 MBThe Financial Crimes Enforcement Network (“FinCEN”) recently published its final beneficial ownership information rule (the “BOI Rule”). The BOI Rule will have a significant impact on a number of businesses, including those in the commercial real estate and structured finance sectors. The BOI Rule addresses who will be required to file beneficial owner information with the Corporate Transparency Act (“CTA”) Registry, who will be exempt from filing, what must be filed and when the required re...
FTC & CFPB Priorities for the Auto Industry
October 12, 2022 19:41 - 30 minutes - 41.5 MBFederal regulators have zeroed in on the auto industry in recent rulemaking, supervisory and enforcement activities. Mayer Brown partners Christopher Leach and Tori Shinohara discuss the FTC and CFPB’s focus on the auto industry, including the FTC’s proposed auto rule and recent supervisory and enforcement trends.
CFPB Update – New Developments and Emerging Themes
July 21, 2022 17:13 - 35 minutes - 32.7 MBThe Consumer Financial Protection Bureau (CFPB) has been active on numerous fronts over the last several months. Mayer Brown partner Ori Lev and associates Christa Bieker and Brian Stief discuss: The CFPB’s efforts to expand the scope and uses of its statutory authorities Trends in the CFPB’s supervisory and enforcement activity The CFPB’s recent focus on fees and consumer reporting The new Office of Competition and Innovation
What to Expect in Banking Regulation in the Second Half of 2022
July 14, 2022 17:48 - 31 minutes - 29.1 MBThe first half of 2022 saw a few noteworthy proposals and other actions by the US banking regulators. Final rulemakings on some proposals could come in the second half of the year, but others may be delayed until 2023. In either case, we expect to see significant action on some of these issues through the issuance of supervisory guidance, review of pending requests and applications, and heightened examiner attention. Mayer Brown lawyers Jeffrey Taft, Matthew Bisanz and Kerri Webb discuss som...
Opportunities and Challenges in Distressed Residential Finance
June 24, 2022 16:06 - 40 minutes - 18.7 MBThe residential finance industry faces substantial headwinds in the current economic environment. After a record-breaking performance in 2021, the industry is now keenly focused on reduced volumes and compressed margins, decreased inventory and rising interest rates. Volatile markets may be stressful, but they also present opportunities for growth and development. Mayer Brown has an interdisciplinary team of lawyers from our restructuring, financial services, M&A and finance practices ready ...
The Past Is the Present? New York’s Retroactive Foreclosure Legislation
May 26, 2022 18:07 - 26 minutes - 24.6 MBIt’s not the easiest time to be in the mortgage business. Mortgage investors and servicers continue to deal with the fallout from the COVID-19 pandemic and its effects on borrowers. Rising interest rates could drain the plentiful supply of refinance business from prior years and deter hopeful homebuyers from seeking new financing. And now the New York legislature has added another layer of complexity by passing a bill that would significantly impact the residential mortgage foreclosure proce...
Commercial Financing Disclosures Coming to a State Near You
May 19, 2022 21:04 - 31 minutes - 28.8 MBFour states—and counting—have enacted laws requiring providers of a wide range of commercial financing to give applicants detailed disclosures of the sort previously seen only in the consumer credit industry. California enacted the pioneering law in 2018, and New York, Utah and Virginia (so far) have followed suit. The most recent examples, the Utah and Virginia laws, have also included a requirement that financers register with the state, increasing the compliance burden for covered entitie...
Lenders Take Note: How the UK National Security and Investment Act 2021 Could Affect Lending and Debt Restructuring
April 12, 2022 14:50 - 23 minutes - 10.9 MBThe UK National Security and Investment Act 2021 (the “Act”) entered into force on January 4, 2022 and enables the UK government to screen, block and unwind certain transactions on national security grounds. A new body, the Investment Security Unit (“ISU”), is responsible for the operation of the new regime. The Act provides for mandatory prior notification and approval of certain transactions in 17 sensitive sectors, and for the retrospective “call-in” of other transactions. The new regime ...
Hot Topics in Anti-Money Laundering 2022
March 17, 2022 16:49 - 29 minutes - 13.5 MBSince January 2021, the Biden administration has signaled that it intends to ramp up anti-money laundering (AML) regulation and enforcement. That was reinforced late last year when the administration issued its comprehensive Strategy on Anti-Corruption, which declared that combating illicit finance is one of its principal goals. The strategy highlights how regulators and law enforcement officials will leverage recent AML legislation and enhanced regulations that encourage transparency, incre...
Ignorantia juris non excusat - The Expected and Unexpected Impact of Recent Russian-Related Sanctions (EU, UK and US) on the Loans Market
March 10, 2022 18:26 - 35 minutes - 16 MBIn response to the recent devastating events in Ukraine, many jurisdictions have imposed a broad range of new sanctions and export controls focused on the Russian state and certain Russian businesses and individuals. The new sanctions and export control regimes of the EU, the UK and the US have been evolving in real time over the past couple of weeks, and there are important but subtle differences between those regimes. However, the consequences of non-compliance can be severe, so it is impo...
CFPB Update – Chopra’s First Six Months
February 24, 2022 17:47 - 29 minutes - 13.3 MBRohit Chopra took over the helm of the CFPB last fall and has already started to make his mark on the agency, bringing a decidedly antitrust focus to his new role. Mayer Brown partners Ori Lev and Stephanie Robinson for a discussion of Chopra’s first six months, including the CFPB’s use of its Section 1022 authority, notable enforcement actions and other policy developments.
US Banking Regulation: What to Expect in 2022
February 10, 2022 17:34 - 32 minutes - 14.8 MBAfter two years of responding to the pandemic, US banking regulators likely will refocus this year on forward-looking issues. In particular, the following issues are expected to occupy a significant portion of the regulators’ time in 2022: Regulatory Capital Rule Revisions Climate-Related Risk Management Expectations Digital Asset Activities Fintech Bank Charters Third-Party Vendor Risk Management Investment Fund Relationships Community Reinvestment Act Mayer Brown partners Jef...
Consumer Loan Securitizations – What the Recent Decision in CFPB v. NCSLT Might Mean for the Industry
February 03, 2022 18:18 - 19 minutes - 4.38 MBLate last year, a federal district court ruled that securitization trusts holding student loans might be liable for the alleged unfair and deceptive collection practices of the trusts’ servicers. This is the first time that the US Consumer Financial Protection Bureau (CFPB) has sought to hold a securitization trust liable for acts of its servicers and the first judicial decision addressing the CFPB’s argument that such trusts are covered persons subject to the CFPB’s UDAAP authority. The dec...
Securitization: What to Expect in 2022
January 27, 2022 18:00 - 41 minutes - 9.98 MBMayer Brown partners James Antonopoulos, Amanda Baker, Steven Garden, Brian Kuhl, Eric Mitzenmacher, Ger O’Donnell and Jan Stewart discussed “What to Expect in 2022” in the structured finance markets. They examined some of the key opportunities and challenges this new year will bring to market participants and discuss trending topics and the current regulatory landscape. Topics included updates on ABS filings with the SEC, consumer regulations, fintechs, RMBS, LIBOR and tax.
A Framework in Progress: Understanding OCC's Climate-Related Risk Management Principles
January 13, 2022 18:08 - 20 minutes - 5.24 MBLast month, the US Office of the Comptroller of the Currency (OCC) issued the second part of its initiative to address the effects of climate change—draft principles for managing exposure to climate-related financial risks. Those principles and the OCC’s earlier call to action to bank boards portend that the rapid implementation of climate risk management practices could occupy a significant amount of management and board time this year. And while targeted at OCC-regulated banks with over $1...