Thank you. I look forward to the rest of our discussion. 6  More precisely, the rule underpinning the CCAR states that if the Federal Reserve objects to a firm’s capital plan, the firm must resubmit, showing how it will address the causes of the objection.
So, in the case where the capital plan is objected to because the firm misses the post-stress target of 5 percent common equity (and assuming this cannot be addressed by simply turning off all planned dividends and share buybacks), the firm’s resubmission would have to show how it will get back above this target.