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On Wednesday, March 5, the Board of Governors of the Federal Reserve System (Board or Federal Reserve), Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) issued their final guidance detailing supervisory expectations for stress tests applicable to all bank and savings and loan holding companies, national banks, state member banks, state nonmember banks, federal savings associations, and state-chartered savings associations with total consolidated assets between $10 billion and $50 billion.
As detailed in the agencies’ updated guidance, these institutions are required to conduct annual, company-run stress tests under rules issued by the agencies in October 2012 to implement a provision contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA).
This updated guidance is effective April 1, 2014, for institutions regulated by the Federal Reserve, and March 31, 2014, for those institutions regulated by the FDIC and OCC. This Flash Report details the final guidance issued by these agencies.