Financial Practices and Risk

  • ICCR’s financial services group challenges the nation’s largest banks, regulatory agencies and financial policy experts to provide greater access to affordable credit for low-income communities and proper risk oversight systems to help stabilize global financial markets and mitigate against future financial crises.  

    As part of our members’ work on responsible finance, they also engage with banks on the environmental and social impacts of their lending and underwriting activities. 

    _______________________________________________________________________________

    Featured ICCR Initiatives

    1) Banks and Climate Change. Since the signing of the Paris Agreement in 2016, 33 global banks have provided the fossil fuel industry with $1.9 trillion in financing. For the 2020 filing season, our members filed 9 resolutions addressing fossil fuel financing.  Bank of America and Community Trust Bank were asked to report on the risks they face by maintaining their current levels of carbon-intensive lending. Morgan Stanley and Goldman Sachs were asked to report on measuring & disclosing the GHG footprint of their lending activities. Bank of Montreal was asked to adopt quantitative targets for reducing GHG emissions from its lending/underwriting. Barclay’s, JPMorgan Chase and Wells Fargo were asked to report on how they could reduce the GHG emissions associated with their lending activities. JPM was also challenged on its financing of oil and gas projects in the Arctic. 

    Investors focused their attention on JPMorgan Chase - the world's worst banker of climate change - in particular. Learn more about their campaign here.

    2) The Finance and Human Rights Nexus. Still other resolutions during the 2020 proxy season explored the nexus of finance and human rights. First Horizon National, which provides financing to CoreCivic, was asked to adopt a comprehensive human rights policy to prevent and mitigate human rights impacts connected to its business. Royal Bank of Canada, which owns over 20,000 shares in both GEO and CoreCivic, was asked to report on how it is addressing the human rights risks it faces related to carrying out U.S. immigration policy enforcement. Visa was asked to report on the public scrutiny over the role played by credit card issuers and payment networks in enabling purchases of firearms used to commit mass shootings. 

     

    Featured Resources

    Banking on a Low-Carbon Future

    Faith and Finance: Finding Common Ground to Protect the Common Good

    ICCR white paper describign investor actions in addressing off balance sheet liabilities, predatory sub-prime lending, and derivatives.

    Ranking the Banks: A Survey of 7 U.S. Banks

    ICCR’s scorecard ranks the 7 largest banks performance in the areas of risk management, executive compensation, lending practices & more.

    Read all

    Wells Fargo: A Question of Ethics

    Shareholder's 2017 Campaign

    Sign Up for our eNewsletter

    * indicates required