Title page 1

Contents 3

Highlights 2

Letter 5

Background 7

U.S. Banking Agencies 7

NGFS Objectives and Organizational Structure 8

Overview of NGFS Working Groups 9

NGFS Membership 9

NGFS Decision-Making 10

NGFS Facilitates Information Sharing and Produces Work Products, Relying on Voluntary and External Funding 11

Information Sharing and Work Products 11

NGFS Funding 12

Banking Agencies Joined NGFS to Collaborate on Climate-Related Risks and Withdrew When Their Priorities Changed 13

Agencies' Entry into NGFS 13

Agencies' Withdrawal from NGFS 16

Banking Agencies Participated in NGFS Activities and Reported That They Did Not Share Nonpublic Informationor Implement Recommendations 18

Agencies Participated in NGFS Working Groups, Surveys, and Publications but Did Not Share Nonpublic Information 18

Agencies Did Not Implement Any NGFS Recommendations and Developed Separate Climate Guidance 22

Agencies Retained NGFS-Related Documentation Under Varying Record Retention Policies 24

Agency Comments 27

Appendix I: GAO Contact and Staff Acknowledgments 28

Tables 3

Table 1. Federal Reserve, OCC, and FDIC Participation in NGFS Working Groups 19

Figures 3

Figure 1. Organization of the Network of Central Banks and Supervisors for Greening the Financial System 8

Figure 2. NGFS Working Groups, 2022-2024 9

Figure 3. U.S. Banking Agencies' Entry into and Withdrawal from NGFS 14

Figure 4. Federal Reserve, FDIC, and OCC Activities in the Network of Central Banks and Supervisors for Greening the Financial System 18

Figure 5. Record Retention Periods for the Federal Reserve, OCC, and FDIC 24