Bank regulators present a dire warning of financial risks from climate change

Belmar flooded by Hurricane Sandy

CHRISTOPHER FLAVELLE / NY TIMES – Home values could fall significantly.

Banks could stop lending to flood-prone communities.

Towns could lose the tax money they need to build sea walls and other protections.

These are a few of the warnings published on Thursday by the Federal Reserve Bank of San Francisco regarding the financial risks of climate change. The collection of 18 papers by outside experts amounts to one of the most specific and dire accountings of the dangers posed to businesses and communities in the United States — a threat so significant that the nation’s central bank seems increasingly compelled to address it …

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