Major banks and business groups sued the Federal Reserve on Tuesday, alleging the U.S. central bank's annual "stress tests" of Wall Street firms violate the law.

The Federal Reserve doesn’t allow for appropriate public input when designing bank stress tests, bank trade groups said in a lawsuit seeking to force the central bank to open the design of the tests to public comment.

Trade groups representing the largest U.S. banks on Tuesday filed suit in federal court to force more transparency in the U.S. Federal Reserve’s bank stress tests imposed after the 2008 global financial crisis,

The U.S. Federal Reserve said on Monday it was considering major changes to its annual bank "stress tests" in light of recent legal developments, including allowing lenders to provide comment on the models it uses,

Wall Street banks will have a fresh opportunity to weigh in on a raft of changes to how the US Federal Reserve conducts its annual bank-health check up, the central bank said on Monday.