Jan. 17 is comment deadline on proposed Reserve Banks’ disclosure of which FIs have access to master accounts

With a Federal Register notice published Wednesday, the public comment deadline on a proposal to require the Federal Reserve Banks to periodically publish lists of the depository institutions that have access to master accounts and payment services has been set for Jan. 17.

The Fed proposes to add a Section 3 to its Account Access Guidelines (published in August) that would be titled “Public Disclosure.” This new section of the guidelines would require the Reserve Banks to publish quarterly a Fed system-wide report containing a list of federally insured depository institutions with access to accounts and services; and a list of non-federally insured depository institutions with access to accounts and services.

That report, which would be posted to a Federal Reserve System public website shortly after the end of the quarter, would also identify the institutions that have received access to accounts and/or services, and those which no longer have access, since the publication of the previous report, the Fed said.

Reg lookup: Guidelines for Evaluating Account and Services Requests

Be the first to comment

Leave a Reply

Your email address will not be published.