New York Banks To Get New Climate Risk Guidelines From Regulator

The New York Department of Financial Services will release guidance in the coming months for how state-regulated banks should manage climate change risks, the agency’s new leader said.

New York Superintendent of Financial Services Adrienne A. Harris said the forthcoming guidance will be similar to the agency’s November guidance that called on insurance companies to include climate risks in their business strategies and risk management processes.

Harris didn’t provide specifics about the climate guidance for New York-chartered banks. But she did say that it wouldn’t be at “cross-purposes” with what other regulators are considering.

“We want to make ...