Given the technology, data, and risk management challenges that I see almost on a daily basis at banks, I have to admit that I found the Federal Reserve report to be a lot more glowing than I would have expected. It took me until the bottom of page 13 to read “Large financial institutions are in sound financial condition, although nonfinancial weaknesses remain.” Nonfinancial refers to pretty important things like data quality, information technology infrastructure, internal controls, model risk management, and governance.