US financial regulators have urged people to share their feedback on prevailing system used to assess the financial health of the banks in the country.

The move is aimed at addressing long pending industry concern that the system is opaque and archaic.

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The Federal Deposit Insurance Corporation and Federal Reserve Board have asked people to comment on the existing Uniform Financial Institutions Rating System framework, also known as the CAMELS rating system.

Specifically, the regulators are seek feedback on the consistency of ratings assigned under the system as well as how they can be used in reviewing bank applications and enforcement actions.

The public consultation process will be open for 60 days.

In a statement, Federal Reserve said: “The agencies’ outreach is on CAMELS ratings is consistent with their commitment to provide opportunities for public feedback on issues affecting supervised institutions.”

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The move comes after FDIC chair Jelena McWilliams unveiled plans to revise the rating system. The revision will seek to increase transparency about how it is used to rate banks’ financial health, she added.

In January, McWilliams told Reuters that the banking regulators interagency group Federal Financial Institutions Examination Council has initiated a private review of the system.

US bank rating system: Details

The CAMELS rating system is an acronym representing capital adequacy, asset quality, management capability, earnings, liquidity and risk sensitivity, factors on which the health of a bank is determined.

Under the system, poor scores may lead to the imposition of regulatory restrictions on the banks.