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US banking lobby groups said Tuesday they have filed a lawsuit against the Federal Reserve over the central bank’s stress testing framework, a major escalation between the industry and regulators.
The announcement comes a day after the Fed announced plans “Significant changes” to its annual stress tests for large US banks in an effort to make the process more transparent and the results less volatile.
“We appreciate the board’s announcement as a first step toward transparency and accountability, but believe we need to file this lawsuit to preserve our legal rights,” said Greg Baer, president and head of the industry group Bank Policy Institute, one of the five. Plaintiff in the case.
This is a developing story
