Update on supervisory guidance on climate financial risk

(a) Definition In this section, the term Federal banking agency has the meaning given the term in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301). (b) Update Each Federal banking agency and the National Credit Union Administration shall update applicable supervisory guidance to include climate financial risk, including credit, liquidity, market, operational, and reputational risk to ensure that each institution supervised by the Federal banking agency or the National Credit Union Administration, as applicable, with greater than $50,000,000,000 in assets appropriately identify and mitigate climate financial risk. (c) Coordination The Financial Institutions Examination Council shall ensure that the guidance updated under subsection (b) is— (1) appropriately coordinated among the Federal banking agencies and the National Credit Union Administration; and (2) shared with State regulators.