Bloomberg Law
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Law
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

New York Elevates Climate Risk in Bank, Insurance Supervision

Nov. 3, 2021, 3:35 PM

The New York Department of Financial Services created a new division to assess how climate change affects banks and insurers and integrate such risks in its supervision of the industry.

The Climate Risk Division, announced on Wednesday, elevates climate risk to a top-level concern in the state, alongside consumer protection and prudential regulation.

New York has been at the forefront of U.S. regulatory efforts to address the risks climate change poses to the financial system.

The state’s top financial regulator told banks, insurers, mortgage lenders and other money service businesses a year ago to review the potential risks climate change ...