The board of the U.S. Federal Reserve recentlywhat it called the “final guidelines which establish a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts.”
As per the bank’s statement, the latest guidelines are almost identical to the ones proposed in May 2021 and the supplemental ones which were proposed in March this year. These new guidelines will become effective once they are published in the Federal Register. The Fed’s press release published on August 15, 2022 explains that the master account rules will apply when they are registered in the federal government’s official journal the Federal Register.
The move could pave the way for fintech and crypto banks and special purpose depository institutions . Kraken Bank
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