NEW YORK ( TheStreet) -- The Federal Reserve offered an update on its historic stress tests on Monday, saying nine of the 10 bank holding companies flagged as needing an additional capital cushion by the initial exercise have now met its requirements with GMAC LLC the lone exception. The original results of the tests, which were conducted for the Fed's Supervisory Capital Assessment Program to determine appropriate capital levels necessary to handle a severe economic crisis, were released in May. At that time, Bank of America ( BAC), Citigroup ( C), Fifth Third Bancorp ( FITB), GMAC LLC, KeyCorp ( KEY), Morgan Stanley ( MS), PNC Financial Services ( PNC), Regions Financial ( RF), SunTrust Banks ( STI) and Wells Fargo ( WFC) were all called out to either raise additional capital, or adjust the composition of their capital, in order to have at least a 6% Tier 1 ratio by the end of 2010. Now, six months later, the Fed says the ten bank holding companies, or BHCs, managed to increase their collective Tier 1 common equity by more than $77 billion, exceeding the program's assessment that $74.6 billion was needed. The breakdown from the Fed on where the capital came from is $39 billion raised through new issuance of common equity or other eligible securities; $23 billion raised through the conversion of existing preferred equity to common equity; and $9 billion raised through of businesses or other assets. The remaining $6 billion or more was a product of "reduced dividend payments, the issuance of common shares to employee stock ownership plans, and larger-than-anticipated pre-provision net revenue," the Fed says. The Fed expects GMAC LLC will be able to meet its need for an additional buffer through the TARP Automotive Industry Financing Program, and says that GMAC LLC is currently in talks with the Treasury Department about the structure of an investment in the consumer lender, which had about $181 billion in assets as of June 30. Written by Michael Baron in New York.