US regulators are preparing to reveal a plan as soon as this week that would overhaul the secretive process through which examiners rate banks, according to people familiar with the matter. The move has drawn considerable attention from lenders who have long pushed for more transparency in how their regulatory health is assessed behind closed doors.

Currently, examiners assign banks confidential ratings that can influence everything from regulatory treatment to capital requirements. Banks have no formal mechanism to challenge or even see the criteria behind these scores. Lenders argue the opaque system creates uncertainty and can produce inconsistent assessments across institutions of similar size and risk profile.

The secrecy surrounding bank ratings has been a persistent complaint from the industry, and this upcoming proposal appears aimed at addressing those concerns. Details of the new framework remain undisclosed, but the timing suggests regulators want to move quickly on a change that could reshape how the financial sector interacts with its overseers.