On Oct. 2, 2026, Fed issued final rule amending Regulations Y, LL, and YY to enhance the transparency and public accountability of the Board's stress testing framework.
Published Board memorandum, stress test changes and effective dates, review of comments and summary of changes, 2027 stress test models and documentation.
Finalized amendments to policy statement on scenario design framework for stress testing and stress testing policy statement, changes to the stress test data collection.
Announced that the Board is finalizing models for the 2027 stress test and proposing for public input additional changes to the stress test models for the 2027 stress test.
Final rule and policy statements effective on Nov. 2, 2026.
On Oct. 24, Fed proposed rule to enhance transparency of stress test.
Federal proposed to enhance transparency and accountability of its annual stress test.
Seek comment on stress test models; framework on design of hypothetical scenarios.
Change models to conduct supervisory stress test, models implemented in 2026 stress test, to enhance transparency and public accountability of stress testing framework.
Amend Policy Statement on Scenario Design Framework for Stress Testing, including to implement guides for additional scenario variables, Stress Testing Policy Statement.
Codify enhanced disclosure process under which Board annually publish comprehensive documentation on stress test models; comment on material changes to those models
Change FR Y-14A/Q/M to remove items no longer need conduct supervisory stress test
Collect additional data to support the stress test models and improve risk capture.
Enhanced Disclosure Process
Board would annually publish comprehensive documentation on the stress test models.
If model changes not material, Board publish by May 15 of year stress test performed.
Proposed publish for comment all material model changes (defined in proposal), respond to all substantive comments on changes before implementing in stress test.
Annually publish for comment proposed stress test scenarios by Oct. 15 of calendar year prior to the stress test, for at least 30-day period; finalize scenarios by Feb. 15.
Defined material model change; apply across Regulation YY (12 CFR 252) and Reg LL.
Stress Testing Policy Statement
Amend section related to disclosure of information related to stress test; clarify generally disclose information directly to firm about supervisory stress test results
That not available to public, if Board discloses similar information to other firms participating in given stress test cycle; e.g. common equity tier 1 capital ratio.
Board would continue to disclose the supervisory stress test results to the public.
Align Stress Testing Policy Statement with the proposed enhanced disclosure process.
During model development, invites, evaluates, responds to substantive public input.
Also proposed revise Policy Statement to clarify that its public disclosures about stress test now include comprehensive descriptions of models and changes to models.
Stress Testing and Capital Plan Rules
Modify jump-off date of supervisory and company-run stress tests from Dec. 31 to Sep. 30, leaving unchanged other dates associated with publication of final results.
By revising definition of planning horizon in Reg Y (12 CFR 225), Reg LL (12 CFR 238), which would introduce additional quarter of staleness to stress test, test results.
Revised date range for global market shock (GMS) as-of date occur between (inclusive of) Oct. 1 of calendar year two years prior to year in which the stress test performed.
To (exclusive of) Oct. 1 of calendar year 1 year prior to year stress test is performed.
Change date Board notify affected firms of as-of date from Mar. 1 of year stress test; notify affected firms of GMS as-of date by Oct. 15 of year prior to year test performed.
Change dividend add-on component to cover dividends issued in quarters 5-8, instead of quarters four through seven, of the planning horizon of the supervisory stress test.
Consultation
Comments on proposed amendments due by Jan. 22, 2026.
Oct. 27, 2025 OCC Comptroller Statement
On Oct. 27, 2025, OCC reported Comptroller Gould issued statement in support of Fed's proposed changes to framework that guides design of hypothetical scenarios.
On Oct. 24, Senate reported Senator Warren issued statement opposing Fed proposal.
Nov. 18, 2025 Fed Proposed Rule Fed Reg
On Nov. 18, 2025, Fed issued notice of proposed rulemaking to enhance transparency and accountability of stress tests in federal register; comments due Jan. 22, 2026.
Nov. 25, 2025 Fed Reg Consultation Extension
On Nov. 25, 2025, Fed reported extension of comment period in the federal register.
Comments on the proposed rule must be received on or before Feb. 21, 2026.
Oct. 2026 Fed Final Rule
On Oct. 2, 2026, Fed issued final rule amending Regulations Y, LL, and YY to enhance the transparency and public accountability of the Board's stress testing framework.
Published Board memorandum, stress test changes and effective dates, review of comments and summary of changes, 2027 stress test models and documentation.
Finalized amendments to policy statement on scenario design framework for stress testing and stress testing policy statement, changes to the stress test data collection.
Announced that the Board is finalizing models for the 2027 stress test and proposing for public input additional changes to the stress test models for the 2027 stress test.
Final rule and policy statements effective on Nov. 2, 2026.
