Banks and business organizations have filed suit against the Federal Reserve (Fed), accusing it of running opaque stress tests that impose binding capital requirements without proper public input.
The plaintiffs, who include the Bank Policy Institute, the American Bankers Association, the U.S. Chamber of Commerce, the Ohio Bankers League, and the Ohio Chamber of Commerce, alleged in their Dec. 24 court filing that the central bank’s practices do not meet the administrative law standards Congress set for fair and transparent rulemaking.
