Federal Reserve stress test may be illegal: banking group

The paper from the Committee on Capital Markets Regulation, a not-for-profit organization whose members include executives from banks including Goldman Sachs Group Inc , JPMorgan Chase & Co , Wells Fargo & Co and UBS Group AG details the latest argument that banks could make if they sued the Federal Reserve over the tests. The report says that the Fed has likely not complied with the so-called Administrative Procedure Act which states that federal agencies must provide the public notice