Fed's Powell warns how climate issues could affect financial system

By Michael S. Derby

NEW YORK, Feb 11 (Reuters) - Federal Reserve Chair Jerome Powell warned that while climate change is not an issue for the central bank to contend with, issues related to that could bring financial upheaval for affected areas.

"Both banks and insurance companies are pulling out of areas" affected by flooding and fires, Powell told a Senate panel. "If you fast forward 10 or 15 years, they're going to be regions of the country where you can't get a mortgage, there won't be ATMs, there won't, you know, the banks won't have branches, things like that...That's a possibility coming up down the road," the Fed leader said.