New York wants banks and independent mortgage companies it supervises to undertake regular scenario analysis and other measures to help quantify and protect against risks posed by climate change, but warned against cutting lending to vulnerable communities.
The New York Department of Financial Services on Wednesday issued proposed guidance outlining how it wants banks and mortgage lenders and servicers to consider the physical risks of increased severe weather, rising sea levels and the economic risks of a transition away from a fossil-fuel based economy.
The agency also warned banks and mortgage companies to avoid a cut in lending or increased ...
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