Proposed CCAR attestation change would be about more than just forms

CCAR attestation change would be about more than just forms
Posted by David Wright, on October 05, 2015.

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Expectations for the largest banks continue to rise with the latest Federal Reserve proposal for CFOs to attest to the integrity and accuracy of the firm’s regulatory stress testing reports. On September 16, 2015, the Fed published a proposal in the Federal Register to revise the FR Y-14A/Q/M Capital Assessments and Stress Testing Reports.  While proposed changes to reporting forms and instructions are typically viewed as a routine process, the inclusion of a CFO attestation of the filed reports, for both the actual data as well as the projections, raises the bar on expectations and accountability and reflects the Federal Reserve’s ongoing concerns with data quality.

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