Stop Wall Street from funding fossil fuels and polluting our communities!

Big banks give hundreds of billions of dollars in financing every year to the fossil fuel industry for new oil and gas drilling, pipelines, refineries, coal, and more. Since 2016, big U.S. banks like JP Morgan, Citibank, and Wells Fargo have provided more than $3.8 TRILLION in fossil fuels. At the same time, they disregard human rights, human health, and sustainability when providing this finance.

The government is proposing to issue new guidance that would help fix this. But they need to hear from you to ensure they adopt the strongest policies possible.

Comments

Thank you, Comptroller Hsu, for taking up the issue of climate change and banks.

Even as banks publicly claim to be taking climate change seriously, they are providing hundreds of billions of dollars in financing annually into fossil fuel companies. Banks' continued financing for fossil fuels is driving climate change – a crisis that puts people of color and low-income communities, our financial system, and our planet at risk.

Regulators must finally put an end to financial institutions gambling with our future. While it is notable that the OCC is beginning to assess the risks that climate change is posing for our economy, it is of paramount importance that you also compel banks to take the urgent steps necessary to address and mitigate the harms their funding decisions are causing to our environment and communities.

While I support a number of issues that were proposed in the Office of the Comptroller of the Currency (OCC) guidance’s recommendations to banks, I believe that the OCC should instead conduct a rulemaking that compels these actions:
•	incorporate climate-related risk management into every level of business;
•	plan for climate change over a long-time horizon, and update models as additional data becomes available;
•	develop clear definitions of possible climate-related risk exposures, and metrics for setting limits; and
•	make sure that their internal strategies are consistent with their public-facing climate commitments.

However, it is my opinion that rather than put forward mere guidance, the OCC should instead issue mandatory obligations on regulated banking institutions so that they must assess, disclose, and mitigate the potential risks that their funding decisions could pose for climate change. Indeed, these obligations are in conjunction with federal environmental laws like the National Environmental Policy Act, as well as the OCC’s duty to supervise financial institutions so that they operate in a safe and sound manner.

The OCC must also ensure that banks’ actions match their commitments to align with the international community’s commitment to limit global warming to 1.5 ºC. Banks’ management of climate risk should be factored into their supervisory ratings, too. The OCC should also acknowledge that community banks are particularly vulnerable to climate risk and that the best way to reduce this risk is through reduced emissions, including through an immediate end of financing for the fossil fuel industry’s expansion, as well as a phase-out of remaining fossil fuel financing in line with a 1.5 ºC global warming limit.

It is in the best interest of both the public and banks themselves to act now to minimize climate risk. The OCC must use the full extent of its authority to issue strong, mandatory obligations – rather than guidance – for banks to assess, disclose, and mitigate climate risk, continue to protect against unsafe and unsound bank practices, and require remedies from banks where appropriate.

Sincerely,
{user_data~First name} {user_data~Last name}
{user_data~City}, {user_data~State} {user_data~Postcode}

First name

Last name

Email address

Zip Code

What is your cell phone number?

Alerts about ways you can take action

Friends of the Earth Action Activists

By submitting this form, you are signing up to receive updates and alerts from Friends of the Earth and Friends of the Earth Action. You may unsubscribe at any time.

By providing your mobile number and submitting this form, you are signing up to receive texts, calls, and voice mails from Friends of the Earth and Friends of the Earth Action. For texts: Msg & data rates may apply. Text STOP to 30644 to stop receiving messages. Text HELP to 30644 for more information. Terms & conditions.