The Office of the Comptroller of the Currency, or OCC, said in a letter submitted on Oct. 29 Eastern Time to the California Air Resources Board that national banks and federal savings associations do not need to comply with two California climate disclosure laws. The agency said the state laws conflict with OCC supervision and its safety-and-soundness standards. It also argued that the requirements would place an excessive burden on smaller banks. In the letter, the OCC said those effects could harm customers in California and raise constitutional issues. The agency added that the laws could reduce competition, push up prices, and limit access to financial services. The statement was attributed to the OCC.
The Office of the Comptroller of the Currency (OCC) submitted a letter to the California Air Resources Board (CARB) on Oct. 29 Eastern Time, saying that national banks and federal savings associations do not need to comply with two California climate disclosure laws.
The OCC said the laws are inconsistent with its supervisory framework and safety-and-soundness principles. It also said the requirements would impose an excessive burden on smaller banks, harm customers in California, and raise constitutional issues. The agency added that the measures could reduce competition, increase prices, and limit access to financial services.
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