On March 4, the FHFA ordered both government-sponsored enterprises, Fannie Mae and Freddie Mac, to submit stress testing results based on their financial positions as of December 31, 2024, following scenarios issued by the Fed on February 5, 2025. The stress testing requirements under section 165(i)(2) of the Dodd-Frank Act applies to financial companies with total consolidated assets exceeding $250 billion to determine if they maintain enough capital to absorb losses during adverse economic conditions. The FHFA also released its 2025 Report Cycle Dodd-Frank Act Stress Testing, which includes instructions and guidance on stress test scenarios and revised templates — baseline, severely adverse, and variables and assumptions — for companies to use when reporting stress tests.