Amalgamated Bank Submits Comments Ahead of SEC Climate Disclosure Ruling
(New York, NY; Washington, DC) June 17, 2022 – Amalgamated Bank, a subsidiary of Amalgamated Financial Corp. (NASDAQ: AMAL) and a mission-driven, full-service commercial bank that empowers organizations and individuals to advance positive social change), today submitted comments from Ivan Frishberg, Chief Sustainability Officer, on the Security and Exchange Commission vote to approve a proposal for climate-related risk disclosures. Below are a portion of the comments with full comments attached.
“While the Securities and Exchange Commission (SEC) does not have a role in regulating environmental matters or protecting the world from the catastrophic consequences of disrupted atmospheric systems, SEC does have a mandate to ensure that investors are protected, that markets are fair, orderly and efficient, and to facilitate capital formation. For this reason, we strongly support the SEC’s proposal on climate-related disclosures and acknowledge the Commission’s unique authority to address the issue of climate-related financial risk and its implications for investor protection and market efficiency.”
“The challenge currently beginning to be addressed by financial regulators, including the SEC with the proposed rules on climate disclosures, is how the financial system and economy can continue to efficiently and successfully operate as we experience the climate induced volatility, shocks and disruptions that are just getting started.”
“We recommend that in addition to requiring an assessment and finding of materiality as a trigger for scope 3 emissions, or having established climate-related targets, the Commission should establish a threshold of scope 3 emissions being no more than 40 percent as an additional trigger for disclosure.”
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About Amalgamated Bank
Amalgamated Bank (“Amalgamated” or the “Bank”), the wholly owned banking subsidiary of Amalgamated Financial Corp. (Nasdaq: AMAL), is a mission-driven New York-based full-service commercial bank and a chartered trust company with a combined network of six branches in New York City, Washington D.C., San Francisco, and Boston. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Since our founding in 1923, Amalgamated Bank has served as America’s socially responsible bank, empowering organizations and individuals to advance positive social change. Amalgamated Bank advocates alongside those working to make the world more just, compassionate, and sustainable. Amalgamated Bank is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission, we are on a mission to advance economic, social, racial and environmental justice utilizing the tools of finance. For more information, please visit our website at www.amalgamatedbank.com.
Cautionary Note Regarding Forward-Looking Statements
Some of the statements in this press release are ‘‘forward-looking statements’’ within the meaning of the federal securities laws. Words and phrases such as “expect,” “plan,” “believe,” “continue,” “committed,” “will,” and variations of such words or similar expressions are intended to identify such forward-looking statements. Forward looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. We assume no duty to update, amend or clarify forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Risks factors include, without limitation, adverse effects on the market price of our shares and on our operating results because of our inability to timely complete, if ever, the environmental goals described in this release; our ability to fully realize the general economic and business conditions that may affect us in connection with completing environmental goals; unanticipated expenses such as litigation or legal settlement expenses; changes in capital market conditions and the impact of the completion of the environmental goals on our employees, customers and suppliers. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates, expectations or goals will be achieved. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under the section entitled “Risk Securities and Exchange Commission (“SEC”), as updated in the Company’s Quarterly Reports on Form 10-Q, and as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. The foregoing list of important factors is not exclusive.
Jacobson Strategic Communications