Organizations Involved: Sabin Center
Source:New York State Department of Financial Services
The Sabin Center supports the Proposed Guidance as a valuable step in DFS’ effort to ensure its regulated institutions integrate climate-related financial risks into their risk management frameworks. In light of the urgency of the climate crisis, the timeline for implementation of the Proposed Guidance should be expeditious and concrete. The comments that follow highlight DFS’ legal mandate and authority to regulate climate-related financial risk, in support of the Proposed Guidance, and offer information on existing climate tools and data that regulated institutions may use to evaluate climate-related risks to their business and community operations.