Banks, business groups sue Fed over stress test framework, Reuters reports

Groups representing U.S. banks and businesses said on Tuesday they were suing the Federal Reserve to challenge what they described as the “opaque aspects of the stress testing framework,” according to Reuters. Groups including the American Bankers Association and the U.S. Chamber of Commerce said the lawsuit “seeks to resolve longstanding legal violations by subjecting the stress test process to public input as required by federal law.” Publicly traded companies in the space include Bank of America (BAC), Citi (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).