New York’s Department of Financial Services (NYDFS), in an October 2020 letter, called on state-regulated financial institutions to integrate climate change-related financial risks into their business strategies, risk management processes and governance frameworks — becoming the first U.S. regulator to explicitly make that request. The agency suggests regulated organizations designate a board member or committee, as well as a senior management function, to be accountable for the institution’s assessment and management of climate change-related risks to credit, liquidity, reputation, operations, strategy and the market at large.