Comprehensive Capital Analysis and Review (CCAR) Q&As
Enhanced Transparency and Public Accountability Proposals Q&As
Q
On December 1, 2025, the Board published analysis showing the 2025 detailed nine-quarter paths and the 2025 detailed hypothetical nine-quarter paths under the proposed models for the 2026 stress test. Does the analysis under the proposed models for the 2026 stress test reflect the proposed liquidity horizons for trading and counterparty projections?
A: Yes, for the purposes of the aggregate nine-quarter paths under the proposed models, the projections of trading and counterparty losses are estimated using the proposed modified liquidity horizons. (FRB Response: December 15, 2025)
Q
In October 2025, the Board published proposed changes to the pre-provision net revenue (PPNR) models for public comment. The proposed models did not include model coefficients, unlike other models released for public comment. Does the Board plan to publish coefficients for the proposed PPNR models?
A: Yes, the Board revised the PPNR model documentation to add the coefficients for the proposed PPNR models and made a small number of other revisions to the PPNR model documentation on December 1, 2025. The revised documentation may be found at: https://www.federalreserve.gov/supervisionreg/files/pre-provision-net-revenue-models.pdf. (FRB Response: December 1, 2025)
Q
In October 2025, the Board released details of its stress test models, including proposed changes to some models, for public comment. Does the Board plan to release any additional analysis showing the impact of the proposed models on the stress test?
A: Yes, the Board published additional analysis on December 1, 2025. The analysis includes the aggregate nine-quarter paths from the 2025 stress test using both the 2025 models and the proposed models. See the additional analysis here: https://www.federalreserve.gov/supervisionreg/dfa-stress-tests-2026.htm. (FRB Response: December 1, 2025)
Q
When are comments due on the Board’s proposals to enhance the transparency and public accountability of its annual stress test?
A: Comments on the 2026 scenarios (the 2026 Proposed Supervisory Stress Test Scenarios (PDF), as well as the Scenario Data and Model Documentation used to produce the 2026 scenario), are due by December 1, 2025. The Scenario Data and Model Documentation includes the Macroeconomic Model Guide (PDF) and the GMS Model (PDF), which are also used to produce the 2026 scenarios. Comments may be submitted on the Board’s website: https://www.federalreserve.gov/apps/proposals/FR-2025-0064-01/details.
Comments on the proposal enhancing model and scenario transparency are due by January 22, 2026. This includes the Stress Test Model Documentation proposed to be used to produce the results of the 2026 stress test, as well as the proposed amendments to the Stress Test Policy Statement and Scenario Design Policy Statement (including the frameworks for the Global Market Shock (GMS) component and the Macro Model for Stress Testing) contained in the proposal. Comments may be submitted on the Board’s website: https://www.federalreserve.gov/apps/proposals/FR-2025-0063-01/details. (FRB Response: November 3, 2025)
Q
The proposal enhancing model and scenario transparency included a proposal to amend the jump-off date of the stress test from December 31 to September 30. What is the jump-off date for the 2026 Proposed Supervisory Stress Test Scenarios (PDF)?
A: As described in the 2026 Proposed Supervisory Stress Test Scenarios (PDF), the effective date (or, “jump-off date”) of the 2026 stress test for firms’ balance sheet and income statement data will be December 31. (FRB Response: November 3, 2025)