Document ID: ./input/supremecourt_opinions/opinions/23pdf/22-842_6kg7.pdf
Page Number: 9

Cite as:  602 U. S. ____ (2024) 

5 

Opinion of the Court 

In the Guidance Letters’ final paragraph, Vullo “encour-
age[d]” DFS-regulated entities to: (1) “continue evaluating 
and managing their risks, including reputational risks, that 
may arise from their dealings with the NRA or similar gun 
promotion  organizations”;  (2)  “review  any  relationships 
they have with the NRA or similar gun promotion organi-
zations”;  and  (3)  “take  prompt  actions  to  manag[e]  these 
risks  and  promote  public  health  and  safety.”    Id.,  at  248, 
251.2 

The  same  day  that  DFS  issued  the  Guidance  Letters, 
Vullo and Governor Cuomo issued a joint press release that 
echoed many of the letters’ statements.  The press release 
included a quote from Vullo “ ‘urg[ing] all insurance compa-
nies and banks doing business in New York’ ” to join those
“ ‘that have already discontinued their arrangements with 
the NRA.’ ”  Id., at 244.  The press release cited Chubb’s de-
cision to stop underwriting Carry Guard as an example to
emulate.  The next day, Cuomo tweeted: “ ‘The NRA is an 
extremist  organization.  I  urge  companies  in  New  York
State to revisit any ties they have to the NRA and consider 
their reputations, and responsibility to the public.’ ”  Id., at 
213, Complaint ¶51.

Less  than  two  weeks  after  the  Guidance  Letters  and 
press  release  went  out,  DFS  entered  into  consent  decrees
with Lockton (on May 2), and Chubb (on May 7).  The de-
crees stipulated that Carry Guard violated New York insur-

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2 The financial-regulatory term “reputational risk” is “ ‘the risk to cur-
rent or projected financial condition and resilience arising from negative 
public opinion,’ which ‘may impair a bank’s competitiveness by affecting
its ability to establish new relationships or services or continue servicing
existing relationships.’ ”  Brief for United States as Amicus Curiae 27– 
28, and n. 10 (quoting Office of the Comptroller of the Currency, Comp-
troller’s Handbook, Examination Process, Bank Supervision Process 28
(Sept. 2019)).  DFS monitors the reputational risk of regulated institu-
tions  because  of  its  potential  effect  on  market  stability.    See  Brief  for 
Respondent 6.