In the U.S., The Federal Reserve Board has announced final guidelines that establish a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts and payment services. The final guidelines are substantially similar to those proposed by the Board in its May 2021 proposal and March 2022 supplemental proposal.
The Fed statement says: “Institutions offering new types of financial products or with novel charters have grown in recent years and many have requested access to accounts – often referred to as “master accounts” – and payment services offered by Federal Reserve Banks. The guidelines will be used by Reserve Banks to evaluate those requests with a transparent and consistent set of factors.”