and have sufficient levels of capital to operate through times of stress, as defined by the federal reserve ’ s supervisory stress scenario. the program enables us to make a quantitative and qualitative assessment of the resilience and capital planning abilities of the largest banking firms on an annual basis and to limit capital distributions for firms that exhibit weaknesses. with regard to liquidity resiliency, under the federal reserve ’ s comprehensive liquidity analysis and review ( clar ), liscc firms are subject to a comprehensive review of their liquidity positions and liquidity risk management, including internal stress - testing practices. firms with weak liquidity positions or practices are directed to improve those practices and augment their liquidity positions as needed. similar to ccar, clar is designed to ensure that liscc firms have rigorous, forward - looking liquidity stress testing and risk - management practices that account for unique risks, and that the liscc firms maintain sufficient liquidity to continue to operate through a period of acute stress. the program allows the federal reserve to compare the range of practices across firms and form a view on liquidity vulnerabilities and funding concentrations in the system as a whole. unlike ccar, which currently applies to all firms with $ 50 billion or more in total assets, only firms within the liscc portfolio are required to participate in clar. liscc firms are also subject to an annual review of their recovery and resolution preparedness. the program evaluates progress in implementing operational capabilities and legal entity rationalization that would facilitate recovery or resolution under a range of scenarios and provides the federal reserve with the ability to compare progress on recovery the foreign banking organizations whose u. s. operations are currently supervised as part of the liscc program are barclays plc, credit suisse group ag, deutsche bank ag, and ubs ag. the firms designated by the fsoc for supervision by the federal reserve are american international group, inc. ; general electric capital corporation, inc. ; metlife, inc. ; and prudential financial, inc. further information on the liscc, including a full list of the supervised firms, is available on the board ’ s website at www. federalreserve. gov / bankinforeg / large - institution - supervision. htm. bis central bankers ’ speeches and resolution planning across firms. we are working with the fdic to evaluate the gsibs ’ most recent resolution plans, which were submitted in

more likely to result in harm to consumers get more attention. and we continue to improve our examiner commissioning training program to ensure that it fully reflects the lessons of the recent crisis. with the congress ’ s support, we have also taken action to relieve small holding companies of certain requirements by raising the asset threshold for the board ’ s small bank holding company policy statement from $ 500 million to $ 1 billion, and by applying this statement to small savings and loan holding companies. the small bank holding company policy statement promotes local control of community banking organizations by acknowledging that smaller companies have less access to the capital markets and allowing them to fund acquisitions with a higher level of debt than would otherwise be allowed. we also relieved small holding companies of requirements to comply with consolidated capital requirements, recognizing that their bank subsidiaries make up most of their assets and are already subject to capital rules. in addition, in conjunction with this change, we eliminated quarterly and more detailed consolidated financial reporting requirements for holding companies with less than $ 1 billion in assets, and instead require parent - only financial statements on a semiannual basis. 6 consistent with the economic growth and regulatory paperwork reduction act ( egrpra ), the board is also working with the other federal banking agencies to identify banking regulations that are outdated, unnecessary, or unduly burdensome. as part of the egrpra review, the agencies have held several public outreach meetings with bankers, consumer groups, and other stakeholders. 7 several themes have emerged during the discussions. for example, community bankers in rural areas have noted that it can be difficult to find an appraiser with knowledge about the local housing market at a reasonable fee. bankers have asked the agencies to consider increasing the dollar threshold for requiring appraisals, which could allow them to use a less formal valuation of collateral for a larger number of mortgage loans. in addition, bankers have raised concerns about the extent of the financial reporting requirements established by the banking agencies. in response, the banking agencies have already taken steps under the auspices of the federal financial institutions examination see board of governors of the federal reserve system ( 2015 ), “ federal reserve board issues final rule to expand applicability of small bank holding company policy statement and apply it to certain savings and loan holding companies, ” press release, april 9. an additional egrpra outreach meeting is scheduled to be held in washington, d. c., on december 2, 2015. bis central bankers ’ speeches council to consider options to eliminate or