Center for American Progress

Comments on the National Credit Union Administration’s Request for Information Regarding Climate-Related Financial Risk
Article

Comments on the National Credit Union Administration’s Request for Information Regarding Climate-Related Financial Risk

The Center for American Progress submitted a comment to the National Credit Union Administration on the effects of climate-related financial risks and the steps to manage and mitigate exposure to those risks.

On June 26, 2023, the Center for American Progress submitted comments to the National Credit Union Administration (NCUA) board regarding their request for information on climate-related financial risks and supervisory guidance and regulatory approaches to address these risks. Credit unions are key players in local economies, providing financial services to communities that are often overlooked by larger for-profit banks. Credit unions served 135.5 million members in 2022 and are a critical resource for members of  modest means to obtain access to homeownership, means of transportation, and business investments. However, like other financial institutions, they must be able to manage their exposure to climate-related financial risks in order to continue serving their members. CAP highlights the physical and transitional risks climate change poses to credit unions and their members and describes regulatory action the NCUA can take to ensure credit unions are resilient. CAP applauds the NCUA board for taking steps to address climate-related financial risks and to support a safe financial system.

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Authors

Crystal Weise

Former Research Associate

David Correa

Research Assistant

Lilith Fellowes-Granda

Associate Director, Financial Regulation

Team

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