U.S. Chamber of Commerce joins lawsuit challenging Fed's stress test procedures

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

The lawsuit filed in U.S. District Court in Columbus, Ohio, claims the Fed's practice of determining how big banks perform against hypothetical economic turmoil and assigning capital requirements accordingly does not follow proper administrative procedure.

Plaintiffs included the Bank Policy Institute, the U.S. Chamber of Commerce, and the American Bank Association.