The Federal Reserve is set to take a major step towards reshaping how it assesses the financial resilience of the biggest US banks, with Vice Chair for Supervision Michelle Bowman saying the central bank will vote on a final version of its revamped stress test in the coming weeks, Reuters reported.
The overhaul is designed to make the process more transparent and the results more predictable for lenders, addressing long-running complaints from the banking industry about how the exams are conducted.
