League cautions NCUA approach to climate risk
Published by: Sean Brown
June 28, 2023 | Regulatory
Between liquidity challenges, cyber-security risks, and an overwhelming regulatory environment, Ohio’s credit unions have little time or bandwidth to worry about anything else. That is why the League commented on the National Credit Union Administration’s (NCUA) request for information on current and future climate and natural disaster risks.
The League cautioned the NCUA that this is a topic, decision, and commitment best left to the credit union boards and their member-owners. Further, in today’s unpredictable financial services market, the NCUA should be focused solely on safety and soundness and encourage credit unions to be conscious of the risks of climate change rather than mandate additional reporting and increase their regulatory burden. The League will track this proposal as it moves through the regulatory process.
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