The plaintiffs and Federal Reserve today filed a joint motion asking a federal court to once again extend a pause in litigation challenging the Fed’s stress testing framework.
Last year, the American Bankers Association joined the Bank Policy Institute, Ohio Bankers League and other trade groups in filing litigation against the Fed, challenging aspects of the stress testing framework the Fed uses to establish certain bank capital requirements. The lawsuit was filed in U.S District Court for the Southern District of Ohio.
The court previously granted a stay in the case requested by the parties, setting a deadline of Oct. 15. In a new filing, the groups requested that date be pushed back to Nov. 12 or the date on which the plaintiffs file their next brief, whichever is sooner.
“The Federal Reserve acknowledges that more work remains to meet its public commitments,” the plaintiffs said. “Capital requirements affect America’s economic competitiveness, which is why we support the Federal Reserve’s diligent work toward a more transparent and rational capital framework.”
