It built upon, and incorporated, lessons learned from prior exercises. But these supervisory tools are still relatively new. Just as capital planning and internal stress testing capacities could be improved at every firm, so we intend to consider both substantive and procedural improvements in our use of these tools.
To this end, over the coming months we will be consulting extensively with academics, other analysts, and the banks themselves. Substantively, the Federal Reserve will be focusing on potential refinements to supervisory models, such as modifying them to use more granular data. We will continue to pay considerable attention to model validation.