Board of Governors of the Federal Reserve System

Authorized for public release by the FOMC Secretariat on 01/11/2019 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Division of Monetary Affairs

guidance, unlike the approach taken by the staff in using this rule to

Finance and Economics Discussion Series Federal Reserve Board, Washington, D.C. ISSN 1936-2854 (Print) ISSN 2767-3898 (Online) LINVER: The Linear

GUIDANCE ON MODEL RISK MANAGEMENT CONTENTS I. Introduction, page 1 II....guidance describes the key aspects of effective model risk management.

guidance on the regulatory capital treatm ent o f certain centrally-cleared...guidance applies solely to the regulatory capital rules of the Agencies

guidance more explicit in order to push out the dates on which market ...guidance would seem likely to result in lower term interest rates and

guidance. Importantly, all the models constrain the projected funds rate...guidance embedded in the forecasts. By construction none of the models

Prefatory Note The attached document represents the most complete and accurate version available based on original files from the FOMC Secretariat

This section of the FEDERAL REGISTER contains regulatory documents having general applicability and legal effect, most of which are keyed to and

guidance from the Board of Governors, each of our Federal Reserve Banks...guidance. In 2017, the agencies published additional findings on the CRA