News & Analysis as of

NYDFS Climate Change Risk Management

Ballard Spahr LLP

New York DFS Issues Guidance on Climate Change Risks for Financial Institutions

Ballard Spahr LLP on

On December 21, 2023, the New York Department of Financial Services (“DFS”) published guidance (the Guidance) to assist regulated institutions in assessing and managing their climate-related financial and operational risks....more

Alston & Bird

New York DFS to Impose Climate Change Safety and Soundness Expectations on Mortgage Lenders, Servicers, and other Regulated...

Alston & Bird on

What Happened? On December 21, 2023, the New York Department of Financial Services (“NYDFS”) published an 18-page guidance document (the “Guidance”) on managing material, financial and operational risks due to climate...more

Troutman Pepper

With Delayed Federal Action on Mandatory Climate Disclosures, States and Regulators Fill the Void

Troutman Pepper on

In the absence of comprehensive federal action, states and regulators are enacting legislation and issuing guidance requiring climate-related disclosures, stepping in to fill the void left by the U.S. Securities Exchange...more

Mayer Brown

NYDFS Finalizes Climate Risk Management Guidance

Mayer Brown on

On December 21, 2023, the New York Department of Financial Services (“NYDFS”) finalized guidance on how the banks and mortgage institutions it regulates (“New York Institutions”) should manage climate-related financial and...more

Latham & Watkins LLP

NYDFS Proposes Guidance on Climate Change Risk Management

Latham & Watkins LLP on

The Guidance would increase expectations for regulated financial institutions to identify, measure, monitor, and control climate-related financial risks. For the past few years, the New York State Department of Financial...more

Eversheds Sutherland (US) LLP

The Task Force on Climate-related Financial Disclosures: Emerging climate change disclosure principles for the insurance industry

As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more

Eversheds Sutherland (US) LLP

The Task Force on Climate-related Financial Disclosures: Emerging climate change disclosure principles for the insurance industry

As concerns about the ecological and financial impacts of climate change have grown in recent years, so has the interest of insurance regulators in the exposure of the insurance industry to the risks raised by climate change...more

BCLP

NYDFS Outlines Expectations for Climate Change Risk Management By Domestic Insurers

BCLP on

On November 15, 2021, the New York Department of Financial Services (NYDFS) finalized guidance, originally proposed in March 2021, on how New York-domestic insurers should manage climate change risk. See, Guidance for New...more

Cooley LLP

New York Regulator Issues Final Guidance for Domestic Insurers on Climate Change Risks

Cooley LLP on

The New York State Department of Financial Services (DFS) released final regulatory guidance to domestic insurers regarding their management of climate change risk, incorporating public comments DFS received on its initial...more

Locke Lord LLP

New York Releases Final Guidance for Insurers on Managing the Financial Risks from Climate Change

Locke Lord LLP on

Following up on proposed guidance released in March, the New York Department of Financial Services (“DFS”) on November 15 released “Guidance for New York Domestic Insurers on Managing the Financial Risks from Climate Change”....more

Mitchell, Williams, Selig, Gates & Woodyard,...

New York Department of Financial Services: Proposed Guidance for New York Domestic Insurers/Managing Financial Risks from Climate...

The New York Department of Financial Services (“NDFS”) on March 25th issued for public comment a proposed guidance document titled: Proposed Guidance for New York Domestic Insurers on Managing the Financial Risks from...more

Eversheds Sutherland (US) LLP

New York State Department of Financial Services releases proposed guidance for New York insurers on managing climate risks

Last week (March 25, 2021), the New York State Department of Financial Services (NYDFS) released for public comment proposed guidance for New York domestic insurers on managing financial risks from climate change (the...more

ArentFox Schiff

New York DFS Issues Proposed Guidance to Insurers on Managing the Financial Risks of Climate Change

ArentFox Schiff on

The New York Department of Financial Services (DFS) became the first US financial regulator to issue climate-related guidance intended to require insurers to manage the complex financial risks of climate change. The...more

Bradley Arant Boult Cummings LLP

New York DFS Turns Up the Heat with Climate Change Bulletin

The New York Department of Financial Services (DFS) has issued a bulletin on climate change and financial risks to the financial institutions and insurance companies it supervises regarding the impact of climate change on...more

King & Spalding

NY Department of Financial Services Statement on Climate Change: Implications for the Financial Sector

King & Spalding on

State regulatory statements and guidelines for climate change readiness are emerging independent of federal government action. As climate change is not just about future impacts, financial institutions are compelled to...more

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