Financial Institutions Advisory: NCUA Issues Proposed Amendment To Subordinated Debt Rule

On Wednesday, October 5, 2022, the National Credit Union Administration (“NCUA”) issued a proposed rule (“Proposed Rule”) to amend its Subordinated Debt Rule (the “Sub Debt Rule”), which they previously published in December 2020 and which became effective on January 1, 2022.1 Under the Sub Debt Rule, credit unions designated as low-income credit unions (“LICUs”), complex credit unions, and new credit unions are permitted to issue Subordinated Debt for purposes of regulatory capital treatment. The NCUA must […]

By | November 9th, 2022 ||

State Attorneys General Take Aim At Banks With Net-Zero Pledges

On October 19, 2022, 19 Republican state attorneys general (the AGs) launched a coordinated investigation by issuing civil investigative demands (CIDs) to six major US banks. The CIDs seek information related to the banks’ membership in the United Nations’ Net-Zero Banking Alliance (NZBA) and other climate-related initiatives. The NZBA is an alliance of 120 banks from 41 countries representing 39% of global banking assets. According to the NZBA commitment statement, member banks commit to transitioning […]

By | November 5th, 2022 ||

Global Banks Announce Sustainable STEEL Principles

During the recent NYC Climate Week and under the leadership of RMI, six global banks with almost $23 billion in related loan exposure announced their commitments to the Sustainable STEEL Principles, committing to adopt a common measurement and disclosure framework to support the steel industry in forging a pathway to net-zero carbon emissions.

Modeled on the international shipping industry’s Poseidon Principles framework,1 the Sustainable STEEL Principles framework (Framework) has it signatories commit to following certain climate-related principles. […]

By | November 2nd, 2022 ||