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Coalition of major banks sue the Federal Reserve over stress test

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The groups that brought the lawsuit, which includes the Bank Policy Institute (BPI), said they do not oppose stress tests, but said the current framework "produces vacillating and unexplained requirements and restrictions on bank capital.
A coalition of major banks, including JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, and Wells Fargo, have filed a lawsuit against the Federal Reserve challenging the central bank's stress testing practices. The banks argue that the Fed's stress tests, which assess how banks would fare under adverse economic conditions, are overly stringent and lack transparency. They claim that the Fed has not provided sufficient information about the models and assumptions used in these tests, which are crucial for determining the banks' capital requirements. The lawsuit seeks to compel the Federal Reserve to disclose more details about its stress testing methodology, asserting that the current opacity could lead to arbitrary capital demands that might hinder economic growth and stability. This legal action underscores ongoing tensions between large financial institutions and regulatory bodies regarding the balance between financial stability and regulatory burden.

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