NY | New York has issued an industry letter to provide some background information on climate risks, outline expectations for New York regulated banking organizations, New York licensed branches, agencies of foreign banking organizations, New York regulated mortgage bankers and mortgage servicers, as well as New York regulated limited purpose trust companies (collectively, the “Regulated Organizations”), and to commence a dialogue as to how DFS can best support Regulated Organizations’ efforts to manage the financial risks from climate change.
DFS is also providing this letter and information to New York regulated non-depositories (other than New York regulated mortgage bankers, mortgage servicers, and limited purpose trust companies), including New York regulated money transmitters, licensed lenders, sales finance companies, premium finance agencies, and virtual currency companies (collectively, the “Regulated Non-Depositories”), outlining DFS’s expectations for the Regulated Non-Depositories, and starting discussions to assist their work in managing the financial risks from climate change.