Banks both big and small should pore over how climate change could impact their business, New York’s influential state banking regulator said in a proposal that would heighten risk management expectations for financial institutions.
Financial institutions of all sizes—including foreign-based banks with operations in New York—would be expected to evaluate climate risks throughout their business under guidance released Wednesday by the New York State Department of Financial Services. Banks would be called upon to look at climate-related risks when bringing on new clients and when extending credit.
‘Enforcement 40’ for 2020
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