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Federal reserve, additional actions could help ensure the achievement of stress test goals : report to the Chairman, Committee on Financial Services, House of Representatives.
- Format:
- Book
- Government document
- Author/Creator:
- United States. Government Accountability Office, issuing body.
- Language:
- English
- Subjects (All):
- United States. Dodd-Frank Wall Street Reform and Consumer Protection Act.
- United States.
- Board of Governors of the Federal Reserve System (U.S.)--Rules and practice--Evaluation.
- Board of Governors of the Federal Reserve System (U.S.).
- Dodd-Frank Wall Street Reform and Consumer Protection Act (United States).
- Banks and banking--Risk management--United States.
- Banks and banking.
- Bank failures--United States--Prevention.
- Bank failures.
- Genre:
- Online resources.
- Physical Description:
- 1 online resource (iii, 119 pages) : color illustrations
- Other Title:
- Additional actions could help ensure the achievement of stress test goals
- GAO-17-48, Federal Reserve stress test
- Place of Publication:
- [Washington, D.C.] : United States Government Accountability Office, 2016.
- Summary:
- The Federal Reserve has two stress test programs for certain banking institutions it supervises. DFAST encompasses stress tests required by the Dodd-Frank Act. CCAR comprises a qualitative assessment of firms' capital planning processes and a quantitative assessment of firms' ability to maintain sufficient capital to continue operations under stress. Questions have been raised about the effectiveness and burden of requiring two stress test programs. GAO was asked to review these programs and their effectiveness. This report examines how the stress test programs compare, the CCAR qualitative assessment, and the design of the stress test scenarios and models. GAO is making 15 recommendations to help improve the effectiveness of the Federal Reserve's stress test programs, such as improving disclosures and communications to firms, considering the potential consequences of its scenario design choices, and expanding model risk management to include the entire system of models.
- Contents:
- Background.
- Federal Reserve's tress test programs are coordinated but serve different purposes.
- CCAR qualitative assessments include multiple levels of review, but communication of methodology and expectations was limited.
- Supervisory scenario design process integrates historical data and current risks but some limitations exist.
- Federal Reserve management of model risk has not focused on the system of models.
- Conclusions.
- Recommendations for executive action.
- Agency comments and our evaluation.
- Appendices.
- Notes:
- "November 2016."
- "GAO-17-48."
- Includes bibliographical references.
- Online resource; title from PDF cover page (GAO, viewed December 5, 2016).
- OCLC:
- 965618185
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