US banks, businesses sue Fed over ‘lack of transparency’ in stress testing By Investing.com

Investing.com – A collection of groups representing US banks and businesses announced on Tuesday that they are filing a lawsuit against the Federal Reserve.

The legal action aims to challenge what the groups described as “opaque aspects of the stress-testing framework.”

Among the groups involved in this litigation are the American Bankers Association and the US Chamber of Commerce.

In a joint statement, they explained that the purpose of the lawsuit is to “resolve long-standing legal violations by subjecting the stress test process to public input as required by federal law.”

They argue that the public should have a say in the process under federal law.The lawsuit aims to address these concerns and introduce changes to the stress test process.

This article is powered by AI and has been reviewed by an editor. See our T&C for more information.