A top U.S. banking regulator has determined that major banks are still in the early stages of assessing and managing the risks posed by climate change to their operations. This finding indicates that significant work remains to be done by these financial institutions. The assessment comes amid growing concerns about the impact of climate risks on the financial sector, including correlations with weaker price appreciation and higher delinquency rates in mortgage markets in at-risk areas. The slow response of the financial sector to climate risks is drawing parallels to the 2008 financial crisis. Banks and regulators worldwide are currently grappling with how to effectively measure and manage the consequences of a warming climate and changes in energy policy on the financial system.