A new report from the New York Department of Financial Services highlighted the risks for banks and independent mortgage companies transitioning away from fossil fuels.
Iowa Republican Sen. Joni Ernst reacts to the Democrats' spending spree and provides insight on national defense on 'Kudlow.'Department of Financial Services wants banks and independent mortgage companies to consider not only the dangers of climate change but also the economic risks associated with transitioning away from fossil fuels.
The proposed guidance, issued Wednesday, warns that risks will arise from economic and behavioral shifts driven by policy and regulations, adoption of new technologies, consumer andFILE: The sun sets on the skyline of midtown Manhattan, the Empire State Building and Hudson Yards in New York City on December 17, 2022, as seen from Jersey City, New Jersey.
Because of the potential for issues associated with this transition, the report says, the Financial Stability Oversight Council recognizes "that a disorderly climate-driven economic transition increases risk to financial stability." These transition risks, the report notes, can be either direct or indirect impacts on the financial system. For instance, assets could turn out to be worth less than originally modeled because of changes affecting certain sectors.
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