WASHINGTON — Federal Reserve Board Gov. Daniel Tarullo said Wednesday that banks will need to continue to improve their capital planning processes as part of their annual stress test exercise.

"Some firms still lack reliable information about their businesses and exposures," said Tarullo in prepared remarks at a conference hosted by the Federal Reserve Bank of Boston. "Firms also are sometimes unable to measure or understand how stressful conditions can change the performance of their material business lines."

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