The Fed on Monday said it planned to overhaul the stress test regime for banks and planned to seek public comment on planned changes.

The Bank Policy Institute, the American Bankers Association and others said proposed changes would address "some if not all" of banks' concerns about stress tests, but they are filing the lawsuit to preserve their legal right to do so.

The Federal Reserve will seek comment on their current stress-testing regime with an eye toward increasing transparency and reducing volatility. Modifications would not go into effect until at least 2026.