Featured Product

    OFR Launches Pilot of Climate Data and Analytics Hub

    July 28, 2022

    The Financial Stability Oversight Council (FSOC) outlined the progress on the recommendations set forth in the October 2021 report on climate-related financial risks while the Office of Financial Research (OFR) announced the launch of its Climate Data and Analytics Hub pilot program, which is a new tool to help financial regulators assess potential risks to financial stability stemming from climate change.

    The Climate Data and Analytics Hub will allow pilot participants to integrate data (including wildfire, crop condition, precipitation, and other climate-related data) from across the federal government with their public supervisory data for a more precise view of the relationship between climate change and financial stability risk. The Hub is also equipped with statistical and visualization applications that will allow deeper insight into climate-related financial risks. This collaborative environment will improve user access to public climate and public financial data, high-performance computing tools, and analytical and visualization software. Access to the pilot initially will be limited to the Federal Reserve Board of Governors (FED and the Federal Reserve Bank of New York (NY FED), with the goal of expanding access to all of the Financial Stability Oversight Council (FSOC) member agencies. While use of the Climate Data and Analytics Hub will be restricted to federal agencies, OFR intends to expand the number of FSOC  agencies that can access it. OFR also plans to expand the Hub in terms of the number of data sets offered. The Hub utilizes software such as R, Python, and Tableau and offers access to high-power computing clusters to facilitate machine learning.

    The FSOC statement notes the considerable progress in advancing the recommendations identified in the report, including significant actions taken by  members to address capacity building, disclosure, data, and assessment and mitigation of risks. It also highlighted the members’ efforts in enhancing public climate-related disclosures, assessing and mitigating climate-related risks that could threaten U.S. financial stability, building capacity and expanding efforts to address climate-related financial risks, and filing climate-related data and methodological gaps. Going forward, FSOC and its members will continue its work to enhance coordination, build capacity, and promote the resilience of the financial system to the risks posed by climate change.   


    Related Links


    Keywords: Americas, US, Banking, Securities, Insurance, ESG, Climate Change Risk, Financial Stability, Disclosures, Climate Data and Analytics Hub, Machine Learning, Dodd Frank Act, FED, FSOC, OFR

    Featured Experts
    Related Articles

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8699