That is a shift from the first two CCARs, in which the supervisory responses covered first quarter capital plans, but those responses were not delivered until late in that quarter.
Second, now that the regulatory reporting mechanisms for data collection are in place, we will be able to begin the analysis earlier, thereby providing more time to both firms and supervisors to run the stress tests. Incidentally, because these reports will be filed quarterly, our supervisors will be able to monitor more effectively how firms are performing relative to their projected baselines.