The OCC named Darrin Benhart as the agency's Climate Change Risk Officer and announced the agency will join the Network of Central Banks and Supervisors for Greening the Financial System ("NGFS"). These steps align with Acting Comptroller Hsu's recent remarks that the OCC is taking a "two-pronged approach" in fulfilling climate change goals, with a focus on engaging other organizations and supporting banks in the development of effective climate risk management practices.
Mr. Benhart previously oversaw Bank of America in the OCC's Large Bank Supervision department, and prior to that served as Deputy Comptroller for Supervision Risk Management and as Deputy Comptroller for Credit and Market Risk. In his new role, Mr. Benhart will report to the Senior Deputy Comptroller for Supervision Risk and Analysis.
The NGFS, founded in 2017, is a membership organization made up of 83 central banks and financial supervisors that aims to "enhance the role of the financial system to manage risks and to mobilize capital for green and low-carbon investments in the broader context of environmentally sustainable development." The OCC stated that in its capacity as the primary prudential regulator of close to 70 percent of the assets in the U.S. commercial banking system, the agency intends to contribute best practices and aid in the advancement of climate risk management in the financial sector.
Primary Sources
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
