DODD-FRANK ACT STRESS TESTS (DFAST)

Dodd-Frank Act stress testing is a forward-looking exercise that assesses the impact on capital levels that would result from immediate financial shocks and nine quarters of adverse economic conditions.  FHFA requires Fannie Mae and Freddie Mac to submit the results of stress tests based on two scenarios: a Baseline scenario and a Severely Adverse scenario.  FHFA aligned the stress test scenario variables and assumptions with those used by the Board of Governors of the Federal Reserve System in its annual Dodd-Frank Act stress tests.  As of March 2020, according to the Stress Testing of Regulated Entities Final Rule, the Federal Home Loan Banks are no longer required to conduct Dodd-Frank Act stress tests.  As a prudential matter, FHFA expects the FHLBanks to continue to perform other stress tests (addressing market, credit, liquidity, and model risks) as outlined in FHFA's regulations and guidance.  

In 2014 FHFA began requiring its regulated entities  to conduct stress tests pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act).  As amended by Section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), the Dodd-Frank Act requires certain financial companies with total consolidated assets of more than $250 billion, and which are regulated by a primary federal financial regulatory agency, to conduct periodic stress tests to determine whether the companies have sufficient capital to absorb losses and support operations during adverse economic conditions.

News Releases

FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests (8/15/2019)
FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests (8/7/2018)​
FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests (8/7/2017)​
FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Stress Tests (8/8/2016)
FHFA Announces Results of Fannie Mae and Freddie Mac Dodd-Frank Stress Tests (4/30/2015)
FHFA Announces Results of Fannie Mae and Freddie Mac Stress Tests (4/30/2014)
FHFA Issues Scenarios and Guidance to Fannie Mae, Freddie Mac and the FHLBanks Regarding Annual Dodd-Frank Stress Tests (12/17/2013)

Stress Testing Reports/Results
All Fannie Mae and Freddie Mac Stress Testing Reports

Stress Testing - Rulemaking
All Stress Testing Rulemaking Pages and Documents

Testimony
An Update from the Federal Housing Finance Agency on Oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks (4/18/2013)

Other

DFAST Frequently Asked Questions (FAQs) (8/15/2019)  
Annual Report to Congress – 2018 (6/15/2019)
Annual Report to Congress – 2017 (6/15/2018)
Annual Report to Congress – 2016 (6/15/2017)
Annual Report to Congress – 2015 (6/15/2016)
Annual Report to Congress – 2014 (6/15/2015)

2020 DFAST Reporting Cycle

2019 DFAST Reporting Cycle

2018 DFAST Reporting Cycle

2017 DFAST Reporting Cycle

2016 DFAST Reporting Cycle

2015 DFAST Reporting Cycle

2014 DFAST Reporting Cycle

2020 DFAST Reporting Cycle​

Orders

Regulatory Waiver of 12 CFR 1238.7 Publication Deadline (August 13, 2020)​

Fannie Mae
Order to Fannie Mae (March 10, 2020)
Summary Instructions and Guidance (March 10, 2020)

Freddie Mac
Order to Freddie Mac (March 10, 2020)
Summary Instructions and Guidance (March 10, 2020)

XLS Spreadsheets
2020 FHFA Scenarios
2020 FHFA Scenario Variables and Assumptions Templates
2020 FHFA Enterprise Stress Test Templates - Baseline
2020 FHFA Enterprise Stress Test Templates - Severely Adverse
2020 FHFA DFAST Severely Adverse Market Shocks

2019 DFAST Reporting Cycle

Orders

Fannie Mae
Order to Fannie Mae (March 5, 2019)
Summary Instructions and Guidance (March 5, 2019)

Freddie Mac
Order to Freddie Mac (March 5, 2019)
Summary Instructions and Guidance (March 5, 2019)

FHLBanks
Order for FHLBanks (March 5, 2019)
Summary Instructions and Guidance (March 5, 2019)

XLS Spreadsheets
2019 FHFA Scenarios
2019 FHFA Scenario Variables and Assumptions Templates
2019 FHFA Enterprises Stress Test Templates - Baseline
2019 FHFA Enterprises Stress Test Templates - Adverse
2019 FHFA Enterprises Stress Test Templates - Severely Adverse
2019 FHFA FHLBanks Stress Test Templates - Baseline
2019 FHFA FHLBanks Stress Test Templates - Adverse
2019 FHFA FHLBanks Stress Test Templates - Severely Adverse
2019 FHFA DFAST Adverse Market Shocks
2019 FHFA DFAST Severely Adverse Market Shocks

2018 DFAST Reporting Cycle

Orders

Fannie Mae
Order to Fann​ie Mae (March 1, 2018)
Summary Instructions and Guidance (March 1, 2018)

Freddie Mac
Order to Freddie Mac (March 1, 2018)
Summary Instructions and Guidance (March 1, 2018)

FHLBanks
Order for FHLBanks (March 1, 2018)
Summary Instructions and Guidance (March 1, 2018)

XLS Spreadsheets
2018 FHFA Scenarios
2018 FHFA Scenario Variables and Assumptions Templates
2018 FHFA Enterprises Stress Test Templates - Baseline
2018 FHFA Enterprises Stress Test Templates - Adverse
2018 FHFA Enterprises Stress Test Templates - Severely Adverse
2018 FHFA FHLBanks Stress Test Templates - Baseline
2018 FHFA FHLBanks Stress Test Templates - Adverse
2018 FHFA FHLBanks Stress Test Templates - Severely Adverse
2018 FHFA DFAST Adverse Market Shocks
2018 FHFA DFAST Severely Adverse Market Shocks

2017 DFAST Reporting Cycle

Orders

Fannie Mae
Order to Fannie Mae (March 3, 2017)
Summary Instructions and Guidance (March 3, 2017)

Freddie Mac
Order to Freddie Mac (March 3, 2017)
Summary Instructions and Guidance (March 3, 2017)

FHLBanks
Order for FHLBanks (March 3, 2017)
Summary Instructions and Guidance (March 3, 2017)

XLS Spreadsheets
2017 FHFA Scenarios
2017 FHFA Scenario Variables and Assumptions Templates
2017 FHFA Enterprises Stress Test Templates - Baseline
2017 FHFA Enterprises Stress Test Templates - Adverse
2017 FHFA Enterprises Stress Test Templates - Severely Adverse
2017 FHFA FHLBanks Stress Test Templates - Baseline
2017 FHFA FHLBanks Stress Test Templates - Adverse
2017 FHFA FHLBanks Stress Test Templates - Severely Adverse
2017 FHFA DFAST Adverse Market Shocks
2017 FHFA DFAST Severely Adverse Market Shocks

2016 DFAST Reporting Cycle

Orders

Fannie Mae
Order to Fannie Mae (March 2, 2016)
Summary Instructions and Guidance (March 2, 2016)

Freddie Mac
Order to Freddie Mac (March 2, 2016)
Summary Instructions and Guidance (March 2, 2016)

FHLBanks
Order for FHLBanks (March 2, 2016)
Summary Instructions and Guidance (March 2, 2016)

XLS Spreadsheets
2016 FHFA Scenarios
2016 FHFA Scenario Variables and Assumptions Templates
2016 FHFA Enterprises Stress Test Templates - Baseline
2016 FHFA Enterprises Stress Test Templates - Adverse
2016 FHFA Enterprises Stress Test Templates - Severely Adverse
2016 FHFA FHLBanks Stress Test Templates - Baseline
2016 FHFA FHLBanks Stress Test Templates - Adverse
2016 FHFA FHLBanks Stress Test Templates - Severely Adverse
2016 FHFA DFAST Adverse Market Shocks
2016 FHFA DFAST Severely Adverse Market Shocks

2015 DFAST Reporting Cycle

Orders

Fannie Mae
Second Supplemental Order to Fannie Mae with Attachment I
Order to Fannie Mae (December 1, 2014)
Summary Instructions and Guidance (December 1, 2014)

Freddie Mac
Second Supplemental Order to Freddie Mac with Attachment I
Order to Freddie Mac (December 1, 2014)
Summary Instructions and Guidance (December 1, 2014)

FHLBanks
Supplemental Order to FHLBanks (June 10, 2015)
Second Supplemental Order to the FHLBanks with Attachment I
Order to FHLBanks (December 1, 2014)
Summary Instructions and Guidance (December 1, 2014)

XLS Spreadsheets
2015 FHFA Scenarios
2015 FHFA Scenario Variables and Assumptions Templates
2015 FHFA Enterprises Stress Test Templates - Baseline
2015 FHFA Enterprises Stress Test Templates - Adverse
2015 FHFA Enterprises Stress Test Templates - Severely Adverse
2015 FHFA FHLBanks Stress Test Templates - Baseline
2015 FHFA FHLBanks Stress Test Templates - Adverse
2015 FHFA FHLBanks Stress Test Templates - Severely Adverse
2015 FHFA FHLBanks Stress Test Templates - Severely Adverse - (revised June 10, 2015)
2015 FHFA DFAST Adverse Market Shocks
2015 FHFA DFAST Severely Adverse Market Shocks

2014 DFAST Reporting Cycle

Fannie Mae
Order to Fannie Mae
Appendices to Order
Summary Instructions & Guidance
Supplemental Order to Fannie Mae
Appendices to Supplemental Order

Freddie Mac
Order to Freddie Mac
Appendices to Order
Summary Instructions & Guidance
Supplemental Order to Freddie Mac
Appendices to Supplemental Order

FHLBanks
Order to FHLBanks
Appendices to Order
Summary Instructions & Guidance
Supplemental Order to FHLBanks
Appendices to Supplemental Order

XLS Spreadsheets
2014 FHFA Scenarios
2014 FHFA Scenario Variables and Assumptions Templates
2014 FHFA Enterprises Stress Test Templates
2014 FHFA FHLBanks Stress Test Templates
2014 FHFA Global Market Shocks - Adverse
2014 FHFA Global Market Shocks - Severe​​​​​​​​​​​​​​​​​​​​