Participants in the Federal Reserve’s climate stress test pilot program—Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo—have received instructions on how the program will be conducted and what information will be gathered. The exercise, which follows the Fed’s September 30 announcement, will run until the July 31. The pilot program takes a two-prong approach, the first of which addresses the impact of physical risk—floods, wildfires, hurricanes—on assets in their commercial and residential real estate portfolios.