Fed announces new guidelines after master account controversy
Rules will impose tight scrutiny on non-conventional applicants
The Federal Reserve board finalised a new set of guidelines for granting banking services to financial institutions on August 15.
The new US rules set up a tiered system of review which will shape how Federal Reserve banks evaluate requests for central bank accounts and other services.
Federal Reserve vice-chair Lael Brainard said that the regulations will “provide a consistent and transparent process to evaluate requests for Federal Reserve accounts and access to payment services”.
These
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