Industry Letter

Date: December 21, 2023

To: New York State Regulated Banking and Mortgage Institutions

Subject: Guidance on Management of Material Financial and Operational Risks from Climate Change

Today, the New York State Department of Financial Services (DFS) issued Guidance for New York State Regulated Banking and Mortgage Institutions Relating to Management of Material Financial and Operational Risks from Climate Change. The guidance covers New York State-regulated banking organizations, New York State-licensed branches and agencies of foreign banking organizations, and New York State-regulated mortgage bankers and mortgage servicers.

DFS has finalized the guidance with careful consideration of the valuable feedback received from regulated entities and other key stakeholders. In response to feedback, the Department has also published available resources to assist organizations as they work to adopt measures that address their climate-related risk.

In furtherance of the Department’s commitment to ensuring entities understand the guidance, DFS will host a webinar on January 11, 2024, at 11:30 am EST. Webinar information and registration links are available on the Department’s website.