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Weather Report WEDNESDAY MAY 26, 2021 VOL. 186 No. 100 AMERICANBANKER.COM Follow us on Twitter @AmerBanker PNC reports brisk 5 B2B enrollment for real-time payments Weather report More than 250 wholesale clients signed up with the Pittsburgh bank in the past year to The Securities and Exchange Commission asked public use real-time payments for payroll, billing companies for feedback on a climate change disclosure and supply chain management. Page 6 framework, specifically whether the agency should: See story on page 2 Cities work to bring 6 fintech to underserved communities Follow existing international climate disclosure standards Business leaders in Atlanta and San Francisco warn that the digital divide will Require data on activities that have direct and widen if Black-owned companies can’t indirect impact on emissions accept online and mobile payments. Page 7 Fulton Bank partners Tailor reporting requirements for companies 7 with Minority Mortgage based on size Bankers on training The programs from the trade group are Establish industry-specific standards aimed at helping the bank improve its employee representation and workplace Phase in requirements over time culture. Page 8 NCUA takes control of Audit climate disclosures for accuracy 8 Empire Financial Federal Credit Union The National Credit Union Administration placed the New Jersey credit union into dailybriefing How East West CEO conservatorship Monday, citing its “unsafe 3 Dominic Ng is fighting and unsound practices.” Page 8 anti-Asian hate Big banks play ball with SEC on In an interview, the Hong Kong native Challenger bank 1 mandatory climate disclosures spoke about the fears of his employees, 74% 9 Aspiration weighs an IPO Despite concerns about the scope of of whom are Asian American, as well as The fintech’s investors include the actors information that companies would have to about his optimism regarding hate crime Leonardo DiCaprio, Orlando Bloom and provide about risks linked to climate change, legislation President Biden signed last Robert Downey Jr. Page 9 some of the largest institutions are seeking to week. East West and several other banks collaborate with the agency as it develops a have donated to groups working to track Fed should get framework for informing investors. and reduce the recent spike in anti-Asian 10 real about its role (See chart above.) Page 2 violence. Page 4 in crypto’s volatility In addressing systemic risks posed by Fed’s focus on racial ‘It’s very scary’: fluctuating cryptocurrency values, the 2 justice is ‘political advocacy,’ 4 Small banks quietly hit Federal Reserve and other central banks must GOP senator says by ransomware attacks acknowledge that quantitative easing has Sen. Pat Toomey of Pennsylvania, the top Hackers, including the group behind the driven up the price of digital assets, Thomas Republican on the Banking Committee, told breach at Colonial Pipeline, have posted M. Hoenig writes. Page 9 three Federal Reserve regional presidents convincing evidence that they have broken that a series of events tied to the impact into the servers of community banks in of racism on the job market and housing Florida and California and stolen customers’ systems is not within the scope of the central data. Page 5 bank. Page 4 WEDNESDAY MAY 26, 2021 AMERICANBANKER.COM PAGE 2 involved. They have frequently targeted more about their companies’ climate risks. CORPORATE GOVERNANCE efforts by the Federal Reserve, which has Just this past week, the administration signaled an interest in climate-related stress issued an executive order calling on financial tests. regulatory agencies to recommend policies Big banks But consistent with large banks’ to ensure that climate change does not harm voluntary efforts to disclose climate change- financial stability. play ball related information and other positions, “I think that increasingly investors really the financial sector so far appears to be want ... to see climate risk disclosures. I think welcoming the SEC’s approach. issuers would benefit from such guidance,” with SEC on “The industry is pretty committed to being Gensler said at his March confirmation helpful in fighting climate change generally hearing. (The agency issued the RFI before mandatory and being constructive around questions he started the job.) “So I think through like: What should a disclosure regime good economic analysis, working with the around climate change or climate-related staff, and putting out to the public to get the climate financial risks look like?” said a source close public feedback on this, this is something at to the industry. the commission, if I’m confirmed, I would disclosures Yet the industry source, who asked not work on.” to be identified, cautioned that financial The SEC’s request for information By Neil Haggerty institutions still have plenty of questions comes as international banks are already May 24, 2021 about how the plan will be implemented. complying with disclosure requirements in WASHINGTON — Faced with the “A lot of it’s just a question of how it gets other countries. The industry is pushing to potential requirement that they inform incorporated into a workable framework,” ensure that U.S. requirements are consistent investors about climate change risks, the source said. with global standards. publicly traded banks so far are taking a On March 15, the agency asked for input “This is happening,” said Isaac Boltansky, collaborative approach as the Securities and on the scope of greenhouse emissions data director of policy research at Compass Point Exchange Commission prepares the new that companies should report, what kind Research & Trading. “There is a push for new climate disclosure regime. of industry-specific climate disclosure disclosures. The odds are, we will see a new Some industry representatives appear requirements should be implemented, disclosure regime, and therefore, it’s almost to embrace the idea, which was raised in a and how the SEC should enforce the new always better to be in the room discussing it request for information issued by the SEC in standards, among other things. than on the outside opposing it.” March. Despite concerns about the scope of Observers say the industry’s potential Analysts argue that banks need to engage the information that the agency will require support for a new climate disclosure with regulators on a new disclosure regime and community bank objections, analysts framework may reflect the reality of the if they want to ensure that new rules aren’t say large banks may initially back the idea government’s approach. too onerous. Banks may be able to influence because they have the infrastructure in The Biden administration has sent a clear the scope of the data that regulators seek to place to comply. signal that it is looking to combat climate collect from public companies. “If you’re JPMorgan or Citi, you have change and SEC Chairman Gary Gensler “We just need a globally aligned more resources and more people in every has said he believes investors want to know approach that is consistent, harmonious department to deal with this,” said Ian Katz, a director at Capital Alpha Partners. “If you are one of the large banks ... you’re far more Established 1836 One State Street Plaza, 27th floor, New York, NY 10004 likely to have shareholders that are making Phone 212-803-8200 AmericanBanker.com these demands than if you are a Main Street bank in the heartland of the United States.” Editor in Chief Alan Kline 571.403.3846 Copy Editor Neil Cassidy 212.803.8440 The SEC has met with representatives Managing Editor Dean Anason 770.621.9935 from large financial institutions after it Reporters/Producers announced it was seeking public input. The Executive Editor Bonnie McGeer 212.803.8430 Laura Alix 860.836.5431, Kate Berry 562.434.5432 details of a specific proposal are still unclear, Washington Bureau Chief Joe Adler 571.403.3832 but publicly traded companies may face Executive Editor, Technology Miriam Cross 571.403.3834 new requirements to inform investors about Penny Crosman 212.803.8673 Jim Dobbs 605.310.7780 their contributions to and risk exposure BankThink Editor Rachel Witkowski 571.403.3857 from climate change. John Heltman 571.403.3847, Allissa Kline 716.243.2679 Community Banking Editor Paul Davis 336.852.9496 Efforts by the government to assess Hannah Lang 571.403.3855 financial risks from climate change Contributing Editor Daniel Wolfe 212.803.8397 John Reosti 571.403.3864, Gary Siegel 212.803.1560 have recently triggered pushback from Digital Managing Editor congressional Republicans, who say the Christopher Wood 212.803.8437 Kevin Wack 626.486.2341 issue is too political for regulators to get For up to date and complete coverage go to AmericanBanker.com WEDNESDAY MAY 26, 2021 AMERICANBANKER.COM PAGE 3 and builds on the variety of entities and Stanley have pledged to measure and to put in securities documents information existing frameworks,” said Timothy Adams, disclose the impact their lending decisions where you are relying on unverifiable data president and CEO of the International have on climate change. However, JPMorgan from multiple third parties,’ ” the industry Institute of Finance. “The goal at 100,000 Chase last year resisted calls from activist source said. feet is consistency, harmonization, investors to take stock of how its lending For banks in particular, a climate standardization and avoiding activities impact climate change. disclosure framework could be particularly fragmentation.” Dan Crowley, a partner at K&L Gates, complex given the broad scope of their Meanwhile, community banks remain said a problem with the current climate customer base. skeptical of a new climate disclosure regime. disclosures that are available today is that it “The unique challenge for banks is Larger banks may be more equipped to is hard to compare data between companies. that they are in the business of being handle potential new requirements.
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