Let Me In: Wyoming Special Purpose Bank Sues Fed for Access to Payments System
By Grant F. Butler, Andrew M. Hinkes, and Robert M. Tammero, Jr.
Custodia Bank (“Custodia”) filed a complaint against the Federal Reserve Board (“FRB”) and the Federal Reserve Bank of Kansas City (“FRBKC”) in Wyoming federal court alleging that the FRB and FRBKC are unlawfully refusing to act on Custodia’s application for a master account. A Federal Reserve master account allows banks to directly access the Federal Reserve and utilize the Federal Reserve System’s payment, clearing and settlement services.
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