U.S. Banking Regulator Appoints New Climate Risk Chief

U.S. Banking Regulator Appoints New Climate Risk Chief


The Office of the Comptroller of the Currency in Washington. Under Acting Comptroller Michael Hsu, the agency has directed more attention to the financial risks presented by climate change.



Photo:

Stephen Voss for The Wall Street Journal

Sept. 12, 2022 4:01 pm ET

The Office of the Comptroller of the Currency has appointed Yue (Nina) Chen, a risk expert with experience at New York’s financial regulator and at major banks, as its chief climate risk officer.

The U.S. banking regulator on Monday announced the appointment of Dr. Chen, who trained as a chemical engineer, to lead the OCC’s climate risk effort. She will report directly to Acting Comptroller of the Currency

Michael Hsu,

the OCC said.

Dr. Chen replaces

Jonathan Fink,

who assumed the climate duties in an acting capacity in March while also serving as a senior adviser to Mr. Hsu.

The OCC under Mr. Hsu has urged the financial services industry to manage the risks posed by climate change, and in December released draft guidance that included principles on how large banks should address climate-related risk in their governance, policies and strategies.

WSJ | Risk and Compliance Journal

Our Morning Risk Report features insights and news on governance, risk and compliance.

Previously, Dr. Chen worked at the New York State Department of Financial Services as a climate risk expert, and in November was tapped to head its newly created climate division.

“Dr. Chen is a tremendous talent and her contributions to DFS, leading our first-in-the-nation climate division, were vast and always appreciated,” the regulator said in a statement.

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Dr. Chen also served as vice chair of the climate risk steering group of the International Association of Insurance Supervisors, a Switzerland-based organization of insurance regulators that sets global standards for the sector.

Before her time at DFS, she served as director of conservation investments at the Nature Conservancy, an environmental group, and held positions at

Goldman Sachs Group Inc.

and the

Royal Bank of Canada.

Money is a sticking point in climate-change negotiations around the world. As economists warn that limiting global warming to 1.5 degrees Celsius will cost many more trillions than anticipated, WSJ looks at how the funds could be spent, and who would pay. Illustration: Preston Jessee/WSJ

Write to Richard Vanderford at [email protected]

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