Principles for US ESG Regulation Released by American Bankers Association | Perspectives & Events
On June 23, 2022, the American Bankers Association and 51 state bankers associations released a letter to the federal financial regulators1 that describes the principles the regulators should use when developing guidance and regulations on environmental, social, and governance (“ESG”) issues (“Industry Letter”).2 These principles reflect the industry’s view on how the government can maintain a free-market financial system that also addresses national and global challenges.
The Industry Letter is driven by growing concern that new ESG regulatory requirements will impede banks’ ability to provide necessary products and services to customers. In this Legal Update, we provide background
