On December 20, 2013, the Board of Governors of the Federal Reserve System issued SR letter 13-23, Risk Transfer Considerations When Assessing Capital Adequacy – Supplemental Guidance on Consolidated Supervision Framework for Large Financial Institutions. This letter provides guidance on how certain risk transfer transactions affect assessments of capital adequacy at large financial institutions (hereafter referred to as firms) covered by the Federal Reserve’s Consolidated Supervision Framework for Large Financial Institutions (SR letter 12-17/CA letter 12-14).