U.S. Banking Regulator Appoints New Climate Risk Chief

Dr. Chen replaces

Jonathan Fink,

who assumed the climate duties in an acting capacity in March while also serving as a senior adviser to Mr. Hsu.

The OCC under Mr. Hsu has urged the financial services industry to manage the risks posed by climate change, and in December released draft guidance that included principles on how large banks should address climate-related risk in their governance, policies and strategies.

Previously, Dr. Chen worked at the New York State Department of Financial Services as a climate risk expert, and in November was tapped to head its newly created climate division.

“Dr. Chen is a tremendous talent and her contributions to DFS, leading our first-in-the-nation climate division, were vast and always appreciated,” the regulator said in a statement.

Dr. Chen also served as vice chair of the climate risk steering group of the International Association of Insurance Supervisors, a Switzerland-based organization of insurance regulators that sets global standards for the sector.

Before her time at DFS, she served as director of conservation investments at the Nature Conservancy, an environmental group, and held positions at

Goldman Sachs Group Inc.

and the

Royal Bank of Canada.

Write to Richard Vanderford at richard.vanderford@wsj.com