N.Y. Climate Guidance to Focus on Banks’ Operational Resiliency (1)

New York’s financial regulator plans to unveil its planned climate risk guidance in the coming weeks that will focus on how banks can manage the operational risks posed by rising temperatures and increase in extreme weather events.

The New York Department of Financial Services’ guidance, whose early plan was first announced in February, would focus largely on banks and independent mortgage lenders’ “operational resiliency” and how they will be affected by climate change, said New York Superintendent of Financial Services Adrienne Harris on Tuesday.

New York’s guidance will focus less on the transition risks financial institutions face as the world ...