Boards of directors of the institutions are required each year to review and approve capital plans before submitting them to the Federal Reserve. The fourth CCAR will begin soon, with the release of instructions and economic scenarios. For more information, see the Board’s website at www.federalreserve.gov/bankinforeg/ccar.htm.
5  For a more detailed discussion of CCAR design, and of the calibration of stress scenarios, see Nellie Liang (2013), “Implementing Macroprudential Policies (PDF),” speech delivered at the “Conference on Financial Stability Analysis: Using the Tools, Finding the Data,” sponsored by the Federal Reserve Bank of Cleveland and Office of Financial Research, held in Washington, DC, May 31.