2026-06-23T10:03:33.739Z / https://www.reuters.com/business/finance/what-are-feds-bank-stress-tests-whats-new-this-year-2026-06-23/
- 摘要
- 企业
- 周三公布的测试结果不会影响银行的资本要求或股东派息能力
- 今年的测试覆盖32家银行，模拟了一场严重的全球经济衰退
- 美联储提议允许银行对未来的测试模型和场景进行评估和评论
华盛顿6月23日路透电 – 美国联邦储备委员会将于美国东部时间周三下午4点（格林尼治标准时间20点）公布年度银行健康检查结果。
在“压力测试”框架下，美联储针对假设的严重经济衰退情景对大型银行的资产负债表进行评估，测试的具体内容每年都会调整。通常而言，测试结果至关重要，因为它们决定了银行需要预留多少资本以维持健康运营，以及可以通过股票回购和股息向股东返还多少利润。
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在唐纳德·特朗普政府时期的银行监管机构全面改革资本规则的背景下，今年的测试不会改变资本水平，但仍将有助于外界了解银行体系的健康状况。
以下是你需要了解的关键信息：
美联储为何要对银行进行“压力测试”？
美联储在2007至2009年金融危机后设立了这项测试，作为确保银行未来能够抵御类似冲击的工具。
测试正式始于2011年，最初大型银行很难获得及格评级。例如，花旗集团（C.N）、美国银行（BAC.N）、摩根大通（JPM.N）和高盛集团（GS.N）都曾调整过资本计划，以回应美联储的关切。德意志银行美国子公司曾在2015年、2016年和2018年未能通过测试。
不过，经过多年练习，银行对测试流程愈发熟练，美联储也让测试变得更加透明。美联储在2020年取消了“通过/不通过”模式，引入了更细致的、针对每家银行的资本管理制度，终结了测试期间的大量不确定性。
银行如何被评估？
测试会评估银行在假设的经济衰退期间是否能维持高于4.5%的最低资本比率——该比率代表银行资本相对于资产的占比。表现优异的银行通常会远高于这一标准。美国最大的全球银行还必须额外持有至少1%的“全球系统重要性银行附加资本”。
银行在测试中的表现还决定了其“压力资本缓冲”的规模，这是2020年引入的额外资本层，叠加在4.5%的最低资本要求之上。
这一额外缓冲额度由每家银行的假设损失决定。损失越大，缓冲额度越高。
今年的测试覆盖32家银行，模拟了严重的全球经济衰退，以及商业和住宅房地产市场的高度紧张局势。拥有大型交易业务的银行还需接受全球市场冲击测试，以及其最大交易对手意外违约的情景测试。
今年的测试结果有何不同？
美联储在2月份宣布，不会根据2026年的测试结果更新资本缓冲，而是暂时沿用现有的缓冲标准。这意味着周三公布的结果将能让分析师和投资者了解每家机构的整体健康状况，但不会对资本分配产生实质性影响。
为何资本水平不会调整？
美联储在根据行业批评重新调整测试框架的同时，维持资本水平不变。长期以来，银行一直抱怨该流程过于不透明、主观，且工作量巨大。
美联储已做出调整以回应批评，包括摒弃“通过/不通过”模式，取消了银行认为赋予美联储过多自由裁量权的定性评估环节。美联储还设立了压力资本缓冲机制，以简化体系，并更精准地根据每家银行的个体风险调整资本水平。
但业内仍不满意，认为流程依旧不够透明，并在2024年起诉美联储，要求其做出改进。根据美联储提议的改革方案，银行将能够查看并反馈美联储曾一度保密的测试模型以及年度测试场景。
这一转变对银行而言是重大胜利，但批评者警告称，这可能会让测试失去更多动态性。
负责推动改革的美联储负责监管事务的副主席米歇尔·鲍曼表示，在今年的测试期间冻结资本水平，将允许监管机构收集反馈并“纠正任何缺陷”。
皮特·施罗德报道；米歇尔·普莱斯与安德里亚·里奇编辑
Explainer: What are the Fed’s bank ‘stress tests’ and what’s new this year?
2026-06-23T10:03:33.739Z / https://www.reuters.com/business/finance/what-are-feds-bank-stress-tests-whats-new-this-year-2026-06-23/
- Summary
- Companies
- Wednesday’s results will not affect banks’ capital requirements or shareholder payout capacity
- This year’s exercise covers 32 banks and models a severe global recession
- Fed has proposed letting banks review and comment on future test models and scenarios
WASHINGTON, June 23 (Reuters) – The U.S. Federal Reserve is due to release the results of its annual bank health checks on Wednesday at 4:00 p.m. ET (2000 GMT).
Under the “stress test” exercise, the Fed tests big banks’ balance sheets against a hypothetical scenario of a severe economic downturn, the elements of which change annually. Usually, the results are a big deal because they dictate how much capital those banks need to set aside to be healthy, and how much they can return to shareholders via share buybacks and dividends.
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Coming amid a sweeping overhaul of capital rules led by President Donald Trump’s bank regulators, this year’s tests will not change capital levels, although they will still offer insight into the health of the banking system.
Here’s what you need to know:
WHY DOES THE FED ‘STRESS TEST’ BANKS?
The Fed established the tests following the 2007-2009 financial crisis as a tool to ensure banks could withstand a similar shock in future.
The tests formally began in 2011, and large lenders initially struggled to earn passing grades. Citigroup (C.N), Bank of America (BAC.N), JPMorgan Chase & Co (JPM.N), and Goldman Sachs Group (GS.N), for example, had to adjust their capital plans to address the Fed’s concerns. Deutsche Bank’s U.S. subsidiary failed in 2015, 2016 and 2018.
However, years of practice have made banks more adept at the tests and the Fed also has made the tests more transparent. It ended much of the drama of the tests by scrapping the “pass-fail” model in 2020 and introducing a more nuanced, bank-specific capital regime.
HOW ARE BANKS ASSESSED?
The test assesses whether banks would stay above the required 4.5% minimum capital ratio – which represents the percentage of its capital relative to assets – during the hypothetical downturn. Banks that perform strongly typically stay well above that. The nation’s largest global banks also must hold an additional “G-SIB surcharge” of at least 1%.
How well a bank performs on the test also dictates the size of its “stress capital buffer,” an additional layer of capital introduced in 2020 which sits on top of the 4.5% minimum.
That extra cushion is determined by each bank’s hypothetical losses. The larger the losses, the larger the buffer.
This year’s test, which applies to 32 banks, includes a severe global recession, and heightened stress in commercial and residential real estate markets. Banks with large trading operations are also tested against a global market shock, as well as the surprise default of their largest counterparty.
HOW ARE THIS YEAR’S RESULTS DIFFERENT?
The Fed announced in February that it would not update those buffers following the 2026 test, and instead will stick with the existing buffers for the time being. That means Wednesday’s results will provide a glimpse for analysts and investors into the overall health of each firm, but will not mean much in terms of capital allocation.
WHY ARE CAPITAL LEVELS NOT CHANGING?
The Fed is holding capital steady as it reworks the tests in response to industry criticisms. Banks have long complained that the process is overly opaque, subjective and a massive undertaking.
The Fed made changes to address criticisms, including moving away from the “pass/fail” model and scrapping a qualitative component that lenders said gave the Fed too much discretion to ding them. The central bank also created the stress capital buffer to simplify the system and to more closely tailor capital levels to each bank’s individual risks.
But the industry was still unhappy, arguing that the process remained too opaque, and in 2024 sued the Fed to force it to make fixes. Under the Fed’s proposed changes, banks would be able to see and provide feedback on the once-confidential models it uses for the test, as well as the annual scenarios.
The shift was a major win for banks, although critics warned it could make the exams less dynamic.
Fed Vice Chair for Supervision Michelle Bowman, who is steering the changes, said freezing capital levels during this year’s exam would allow regulators to incorporate feedback and “correct any deficiencies.”
Reporting by Pete Schroeder; Editing by Michelle Price and Andrea Ricci
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