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.

Banking and business groups sued the Federal Reserve over the central bank’s annual stress tests, saying they’re seeking more transparency in how the rules are adopted.

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,