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ARTICLE · 24 AUGUST 2022

Master Account Access Guidelines Finalized By US Federal Reserve

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On August 15, 2022, the Board of Governors of the Federal Reserve System (the "Federal Reserve") finalized guidelines that the regional Federal Reserve Banks ("Reserve Banks")...

United StatesGovernment, Public Sector
Amanda Baker
Amanda Baker
Matthew Bisanz
Matthew Bisanz
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Elizabeth Raymond
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Jeffrey Taft
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On August 15, 2022, the Board of Governors of the Federal Reserve System (the "Federal Reserve") finalized guidelines that the regional Federal Reserve Banks ("Reserve Banks") will use to evaluate requests for accounts and payment services (the "Guidelines").1 The Guidelines are important because institutions with non-traditional types of banking charters (non-FDIC insured state banks and trust companies) increasingly have requested access to Reserve Bank services (including master accounts) to support the introduction of new financial products and delivery mechanisms for traditional banking services.

Consistent with the proposed versions, the final Guidelines establish six principles that Reserve Banks will use when deciding whether to grant or deny requests and a three-tiered review framework for the level of due diligence and scrutiny that Reserve Banks will apply to applications submitted by different types of institutions.

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