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The U.S. Treasury Department’s Office of the Comptroller of the Currency (OCC) has officially withdrawn climate-related financial risk principles for banks, the agency announced Monday. Acting Comptroller Rodney Hood stated the guidelines were “overly burdensome and duplicative,” adding that the OCC aims to “calibrate regulatory requirements to be effective, not excessive,” while maintaining financial system stability and fairness.
The move marks a significant shift under President Donald Trump, who resumed office on January 20. Since returning to the White House, Trump has aggressively rolled back climate-focused policies, including exiting the Paris Agreement again, halting global climate finance commitments, and pulling U.S. scientists from participating in the Intergovernmental Panel on Climate Change (IPCC).
The now-withdrawn guidance was initially implemented under Democratic President Joe Biden, who prioritized climate risk as a critical issue for financial institutions. Biden’s administration pushed for banks to consider environmental risks, such as those from hurricanes and wildfires, in their risk management frameworks.
Trump and his administration argue that such regulations impose unnecessary burdens on corporations, particularly within the banking sector. The latest rollback aligns with his broader deregulatory agenda, aiming to ease restrictions he believes hinder economic growth.
Environmental advocates have raised concerns over the reversal, warning that eliminating climate risk guidance weakens the financial system’s ability to prepare for and respond to environmental disasters. A recent example includes Hurricane Helene, which devastated parts of Florida in September 2024, highlighting the financial risks of extreme weather events linked to climate change.
With this decision, the U.S. appears to be stepping back from climate-conscious financial regulation, sparking renewed debate over balancing economic interests with environmental responsibility.
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