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News Release 2012-166
November 15, 2012
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WASHINGTON—The Office of the Comptroller of the Currency today released interim guidance that describes how the OCC will develop and distribute scenarios for use in annual stress tests required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
The guidance outlines the consultative processes that the OCC will use to gather information on material vulnerabilities or salient risks and to coordinate with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation to develop the scenarios each year.
Section 165(i)(2) of the Dodd-Frank Act requires certain financial companies, including national banks and federal savings associations with total consolidated assets of more than $10 billion, to conduct annual stress tests. On October 9, 2012, the OCC published its final annual stress test rule, which sets out definitions and rules for scope of application, scenarios, reporting, and disclosure. The rule also states that the OCC will provide the required scenarios to the covered institutions by November 15 of each year. The scenario information can be found on the OCC site. Today's interim guidance is effective immediately.
Comments on this interim guidance must be submitted within 60 days of publication in the Federal Register.
Bryan Hubbard (202) 874-5770