A group of banks and business groups is suing the Federal Reserve over banks’ annual stress tests.

The Bank Policy Institute, which represents major banks JPMorgan, Citigroup And Goldman Sachsjoins the American Bankers Association, the Ohio Bankers League, the Ohio Chamber of Commerce and the U.S. Chamber of Commerce in filing the lawsuit, which it says aims to “redress long-standing violations of the law by improving the stress testing process with public input as needed.” is subjected to”. by federal law.”

The groups said they were not opposed to stress testing, but said the current process falls short and “leads to fluctuating and unclear requirements and constraints on bank capital.”

CNBC previously reported plans to file a lawsuit.

The Fed’s stress test is an annual ritual that forces banks to maintain adequate cushions for bad loans and sets the level of stock buybacks and dividends.

After markets closed on Monday, the Federal Reserve announced in a statement that it was making changes to bank stress tests and would seek public comment on what it called “significant changes to improve the transparency of its bank stress tests and reduce volatility.” the resulting capital buffer requirements.”

The Fed said it decided to change the tests because of “the evolving legal landscape,” citing changes in administrative laws in recent years. No specific changes to the annual stress testing framework were outlined.

While the big banks will likely see the changes as a win, it could be too little, too late.

Additionally, the changes may not go far enough to address banks’ concerns about burdensome capital requirements. “These proposed changes are not intended to materially affect overall capital requirements,” the Fed said.

BPI CEO Greg Baer welcomed the Fed’s announcement, saying in a statement: “Today’s announcement by the Board is a first step toward transparency and accountability.”

However, Baer also hinted at further measures: “We are examining it closely and considering additional options to ensure timely reforms that are both good law and good policy.”

Groups such as the BPI and the American Bankers Association have raised concerns about the stress testing process in the past, claiming it is opaque and has led to stricter capital regulations that hurt bank lending and economic growth.

In July, the groups accused the Fed of violating the Administrative Procedure Act by failing to seek public comment on its stress scenarios and keeping supervisory models secret.

Read the details of the complaint here.

— CNBC’s Hugh Son contributed to this report.