NYDFS creates Climate Risk Division

State Issues NYDFS Climate-Related Financial Risks Bank Regulatory New York State Regulators

On November 3, NYDFS announced the creation of the Climate Risk Division and the appointment of Dr. Yue (Nina) Chen as its Executive Deputy Superintendent and the inaugural NYDFS Director of Sustainability and Climate Initiatives. According to the announcement, the Climate Risk Division will, among other things: (i) include climate risks in its regulated entities supervision; (ii) support industry growth regarding climate risk management; (iii) coordinate with international, national, and state regulators; (iv) develop internal capacity regarding climate-related financial risks and support the capacity-building of peer regulators; and (v) ensure access to financial services is fair for all communities.