New York Fed files to dismiss narrow bank lawsuit
“The costs are real and continuing”, TNB says, as the New York Fed continues to delay
The Federal Reserve Bank of New York has filed a motion to dismiss The Narrow Bank’s (TNB) lawsuit, claiming that TNB’s case is “unripe” and has no legal ground to stand on.
In August, the start-up bank filed a complaint in federal court seeking a judgement and injunction compelling the New York Fed to open a Fed account called a master account.
TNB argues it has a clear legal right to open a master account and the dispute is “plainly ripe” for review. The dispute, now ongoing for more than a
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