President Biden issued an Executive Order asking the Secretary of the U.S. Department of the Treasury to work with the Financial Stability Oversight Council to assess risks that climate change poses to the financial system. The Executive Order highlights the growing regulatory focus on climate-related financial risks, which will likely manifest itself through a growing number of related supervisory initiatives. This White Paper describes the Executive Order, along with recent guidance and statements of the U.S. federal and state financial services regulators, and offers a look ahead at what’s next.