Stay informed with free updates
Just enter the US financial management myFT Digest — delivered straight to your inbox.
US banking groups said Tuesday they filed a lawsuit against the Federal Reserve over the central bank's stress testing framework, a major escalation between business and regulators.
The announcement comes a day after the Fed announced plans “significant changes” to its annual stress tests of major US banks in an effort to make the process more transparent and results less.
“We appreciate the board's announcement as a first step toward transparency and accountability, but we believe it is necessary to file this petition to preserve our legal rights,” said Greg Baer, ​​president and head of the banking policy group Bank Policy Institute, one of the five. the plaintiffs in the case.
This is a growing story