Fed proposes to disclose which depository institutions have master accounts
1:55 pm Friday, November 04th, 2022
By Hannah Lang
(Reuters) – The U.S. Federal Reserve is seeking comment on a proposal to publish a list of depository institutions that have access to master accounts, which grant firms access to Fed payment services.
The proposal would require regional Fed banks to periodically disclose which firms have access to accounts and payments services, which the Fed said would result in more transparency.
In August, the Fed finalized guidelines for how it will review requests by banks, fintechs and other firms to access the central bank’s master accounts and payment systems, as a number of new nontraditional financial institutions have emerged and begun seeking access to such accounts.
(Reporting by Hannah Lang in Washington; Editing by Chris Reese)
