Comptroller Issues Statement on Federal Reserve Board’s Proposal to Enhance Transparency and Public Accountability of its Annual Stress Test

WASHINGTON — Comptroller of the Currency Jonathan V. Gould issued the following statement today following the Federal Reserve Board’s request for comment on its stress test models, changes to the framework that guides the design of the hypothetical scenarios, and other elements of the stress test process:

The OCC commends Vice Chair for Supervision Michelle Bowman’s leadership and the Federal Reserve Board for its recent action to promote transparency and improve accountability around its annual stress tests. The stress testing regime established after the Global Financial Crisis has been too complex and opaque. The Federal Reserve’s action is an important step toward restoring public trust, better aligning with the requirements of the Administrative Procedures Act, and moving toward a holistic public understanding of the post-Global Financial Crisis capital framework. The OCC also is committed to regulatory transparency, clarity, and improved accountability, and is working to ensure these principles are foundational to its approach to the supervision and regulation of the federal banking system.

Related Link

• Comptroller of the Currency Jonathan V. Gould