News release: “The Federal Reserve Board announced the formation of the Model Validation Council, which will provide the Federal Reserve with expert and independent advice on its process to rigorously assess the models used in stress tests of banking institutions…Formation of the council is one part of the Federal Reserve’s efforts to tap outside expertise in the stress testing process…the Federal Reserve released Frequently Asked Questions (FAQs) and responses regarding models used in the stress tests in the recently completed Comprehensive Capital Analysis and Review based on industry outreach calls held last month. The FAQs cover a wide range of topics including methodologies to project losses for mortgages and other consumer portfolios, mortgage repurchase risk, and wholesale portfolios.”