<ul><li>Five groups representing banks and businesses have sued the Federal Reserve, claiming that its stress testing framework is opaque and violates the law.</li><li>The legal action aims to subject the stress tests to notice-and-comment rulemaking, seeking increased transparency and public input.</li><li>The Federal Reserve declined to comment on the lawsuit.</li><li>The announcement came after the Federal Reserve Board stated its plans to seek public comment on changes to improve transparency and reduce the volatility of bank stress tests.</li></ul>

Bank Groups Sue Fed, Seeking ‘Transparency’ on Stress Testing Framework

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