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.

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.

A lawsuit was filed against the Federal Reserve on Tuesday about the stress test and its lack of transparency.

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,

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,

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.

The Federal Reserve may overhaul its annual stress tests for large U.S. banks to reduce the volatility of the results, but also make them more transparent. While the Fed did not o