Good morning. The U.S. Chamber of Commerce sued the Trump administration Thursday over hefty new fees in the H-1B visa program, joining the legal campaign against the administration’s changes to a program used by some of the biggest tech companies in the U.S.

• ‘Plainly unlawful’: The chamber’s lawsuit is seeking to block the new H-1B program restrictions, which were rolled out in a presidential proclamation that the chamber says “is not only misguided policy; it is plainly unlawful.”
   
• Rare challenge: The lawsuit puts the chamber among the few business groups to challenge the Trump administration in court over policies they say will hurt employers. The move by the chamber, which is one of the biggest pro-business lobbying groups in the U.S., comes after weeks of preparation and deliberation. Shortly after Trump announced the H-1B restrictions, some chamber officials started studying the idea of a possible legal challenge, according to people familiar with the matter.
   
• Bad for business? The chamber said the H-1B fee would hurt U.S. businesses. “The new $100,000 visa fee will make it cost-prohibitive for U.S. employers, especially start-ups and small and midsize businesses, to utilize the H-1B program, which was created by Congress expressly to ensure that American businesses of all sizes can access the global talent they need to grow their operations here in the U.S.,” said Neil Bradley, executive vice president and chief policy officer at the chamber.

U.S. bank regulators kill climate risk guidance.

U.S. bank regulators have dropped guidance telling large banks to hone in on climate issues, saying financial institutions can handle it as part of their normal risk management, Risk Journal reports.

The Office of the Comptroller of the Currency, Treasury Department, Federal Reserve and Federal Deposit Insurance Corp., on Thursday told banks they were rescinding Biden-era principles that stressed climate change as a growing risk.

Invite to an anti-DEI activist prompts HR pros to pull out of industry event.

Human-resources professionals are pulling out of their marquee conference on inclusion and some have canceled their memberships in SHRM, the industry’s chief lobbying group, after the organization invited conservative activist Robby Starbuck to speak.

Starbuck, the driving force behind online campaigns to end diversity, equity and inclusion programs, has prompted companies including Walmart, Harley-Davidson and Tractor Supply to abandon or dial back their DEI efforts. His status as a headline guest for an industry that has for years made DEI policies in corporate America a central plank of its platform is a sign of just how quickly companies have reversed course on those practices.

• A New Jersey teenage girl whose real photo was allegedly transformed by a classmate into at least one fake-nude image is suing the developer of the “clothes removal” software that was used.
   
• Investment firm 777 Partners co-founder Josh Wander has been charged with defrauding lenders and investors of $500 million, according to a federal indictment unsealed Thursday.
   
• The United Kingdom announced new sanctions on Russia’s largest oil companies Rosneft and Lukoil alongside 88 other targets including shadow fleet tankers and Chinese oil terminals, calling the actions its “strongest sanctions yet on Russia.”

Companies’ exposure to climate risk set to skyrocket, report says.

Companies should prepare for greater climate risk exposure as the economic toll of weather-related disasters increases, according to a London Stock Exchange Group report.

The report assessed how climate risk is projected to evolve across 4,416 regions. It flagged the potential for cyclones in Tokyo, New York and Shanghai, for example. It highlighted weather events from the Los Angeles wildfires to deadly monsoon floods in Pakistan, to demonstrate the mounting economic toll.

• Regional banks came under renewed scrutiny Thursday after Zions Bancorp said it would take a large loss and revealed accusations of fraud against a set of borrowers who had ties to a number of other lenders in the industry.
   
• After President Trump announced that India had pledged to stop buying Russian oil, New Delhi on Thursday sought to strike a careful balance—dispute the claim while avoiding a public denial that could derail trade negotiations with Washington.
   
• U.K. security services say there is an unprecedented level of spying by China on Britain and other western allies such as the U.S.

• The Justice Department on Thursday secured an indictment against John Bolton after an investigation into his handling of classified information, making President Trump’s former national security adviser the latest of his prominent critics to face prosecution.
   
• An Israeli airstrike killed the Houthis’ military chief of staff, the most senior official of the Yemeni rebel group to be killed by Israel.
   
• The Public Company Accounting Oversight Board has proposed a 20% cut to the salaries of its board members as it faces scrutiny from the Securities and Exchange Commission over compensation levels.
   
• European Union goods exports to the U.S. tumbled in August after a tariff deal ramped up duties on most goods from the economic bloc.

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