Recall that, in June FASB ruled that banks have to take all the off-balance sheet assets they hold in qualified special purpose entities (QSPEs) and put them back on their balance sheets. That has led to some big charges at companies such as State Street. 

TheStreet.com notes there could also be trouble brewing for bigger banks. Wells Fargo stands to be affected significantly. The bank had off-balance sheet assets of $1.9 trillion at the end of the first quarter, compared with $1.29 trillion in balance sheet assets. That's considered high.

"Its QSPEs are mostly weighted in residential and commercial mortgages, while other off-balance sheet items called unconsolidated variable interest entities, or VIEs, mostly contain investment funds and collateralized debt obligations," the article notes. The bank has been selling some subprime loans as of late, perhaps preparing for the change. No doubt the stress tests took these exposures into account. 

For more:
- here's the article

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