Acting FDIC Chairman Gruenberg outlines priorities

Bank Regulatory Federal Issues FDIC Climate-Related Financial Risks CRA

On February 7, acting FDIC Chairman Martin J. Gruenberg released a statement and summary of the FDIC’s priorities for the coming year. According to Gruenberg, the federal banking agencies intend to act on a notice of proposed rulemaking to strengthen and enhance the Community Reinvestment Act which is the FDIC’s “top priority.” For evaluating crypto-asset risks, Gruenberg noted the need for “robust guidance to the banking industry on the management of prudential and consumer protection risks raised by crypto-asset activities.” Additionally, Gruenberg stated that the financial risks of climate change to the financial system will also be a top priority of the FDIC, and that the FDIC’s actions “will include seeking public comment on guidance designed to help banks prudently manage these risks, establishing an FDIC interdivisional, interdisciplinary working group on climate-related financial risks, and joining the international Network of Central Banks and Supervisors for Greening the Financial System.” Other priorities include reviewing the bank merger process and finalizing the Basel III Capital Rule.