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US banks should develop tools to identify, manage climate-change risks, Fed official says

( November 7, 2019, 19:49 GMT | Official Statement) -- MLex Summary: US banks should develop tools to track and manage climate-change risks, as well as invest in research to understand the financial impact of global warming, said Kevin Stiroh, an executive vice president of the US Federal Reserve Bank of New York. “Today’s tools are not necessarily well-suited for the unique challenges associated with climate change,” he said.  US banks also can learn from the stress-testing and supervisory expectations of other central banks to factor climate risk into their risk-management practices, he said.See document below....

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