Watchdog Cites Problems With Fed Stress Test Reviews
By Evan Weinberger (November 2, 2015, 3:42 PM EST) -- The Federal Reserve's internal watchdog on Monday said the central bank must address problems with access to banks' late-stage changes to stress-testing models and address staffing and data management issues to make sure test results provide an accurate assessment of the financial system's stability.
Stress testing has become a key part of the Fed's plan for making sure that the country's largest banks maintain sufficient capital and risk management practices to be able to handle significant financial shocks. But the Fed's inspector general's office found that the Fed's stress-testing review system had several important shortcomings, particularly in the area of staffing...
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