Major U.S. banks, includingJPMorgan Chase(NYSE:JPM),Bank of America(NYSE:BAC), andCitigroup(NYSE:C), filed a lawsuit against the Federal Reserve on Tuesday, challenging the transparency of its annual stress test procedures.
Leading banking and business organizations, including the Bank Policy Institute (BPI), American Bankers Association (ABA), U.S. Chamber of Commerce, Ohio Bankers League, and Ohio Chamber of Commerce, joined the lawsuit against the Federal Reserve. These tests, which assess banks' resilience during economic crises, are a cornerstone of financial risk management. However, the plaintiffs argue that the current system violates federal law by excluding...
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