Online reports, according to CNBC, a person familiar with the matter revealed that several large banks are planning to sue the Federal Reserve over annual bank stress tests. The person said a lawsuit is expected to be filed this week, possibly as early as Tuesday morning local time. The Fed's stress tests are an annual routine that requires banks to reserve sufficient buffers for non-performing loans and sets the size of stock buybacks and dividends. After the week's close on Monday, the Federal Reserve announced in a statement that it planned to make changes to bank stress tests, but it did not elaborate on the specific changes to the annual stress testing framework. But the adjustments may not be enough to allay banks 'concerns about onerous capital requirements. Because the Fed said: "These proposed adjustments are not intended to have a material impact on overall capital requirements." Greg Bell, CEO of the Banking Policy Institute (BPI), which represents large banks such as JPMorgan Chase, Citigroup and Goldman Sachs, welcomed the Fed's statement, saying in a statement: "Today's Fed statement is a first step towards transparency and accountability." However, Bell also hinted at possible further action: "We are studying this statement carefully and considering additional measures to ensure timely reforms that are consistent with both law and policy."