09:38 AM EDT, 09/03/2024 (MT Newswires) -- (Updates with regulator's response in the fourth paragraph.)

The Office of the Comptroller of the Currency has found that major banks still have work to do in their climate risk management efforts, Reuters reported Friday, citing people familiar with the matter.

The regulator said in a letter to the banks' chief executives recently that while all have completed some degree of climate risk identification, progress has varied widely, the report said.

Most banks were found to be in the early stages of incorporating climate risk into their operations, while several had not started working with climate scenario analysis, Reuters said. The OCC also found that implementing planned governance frameworks still needed significant work.

The OCC declined to comment on the matter in a response to MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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