On November 15th, the OCC published interim guidance that describes how the OCC will develop and distribute scenarios for use in annual stress tests required under the Dodd-Frank Act. The guidance outlines the consultative processes that the OCC will use to gather information on material vulnerabilities or salient risks and to coordinate with the Board of Governors of the Federal Reserve System and the FDIC to develop the scenarios each year. The interim guidance is effective immediately. Comments on the guidance should be submitted on or before January 14, 2013. The OCC also published the economic and financial market scenarios that will be used in this year's annual company-run stress test under the Dodd-Frank Act. The scenarios include baseline, adverse and severely adverse scenarios. Each includes 26 variables, including economic activity, unemployment, exchange rates, prices, incomes and interest rates. The adverse and severely adverse scenarios are not forecasts, but rather hypothetical scenarios designed to assess the strength and resilience of financial institutions. OCC Press Release.