Federal Reserve Board publishes a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services
June 19, 2023 / Source: FRB
To promote transparency, the Federal Reserve Board on Friday published a database of financial institutions with access to, or requests to access, Federal Reserve Bank master accounts and services. The database is consistent with the requirements set forth in legislation enacted last year and will be updated on a quarterly basis.
A master account is an account in which a Reserve Bank receives deposits for a financial institution, such as a bank or credit union. The Reserve Banks provide financial services to financial institutions much like those that banks and credit unions provide to their customers. These services include collecting checks, electronically transferring funds, and distributing and receiving cash and coin.
The database has two components. The first component consists of financial institutions that currently have access to Reserve Bank master accounts and services. The second component consists of financial institutions that have requested access to master accounts and services after December 23, 2022, or had a request pending on that date, as well as the status of each request.
The database also is consistent with the Board’s 2022 proposal for the Reserve Banks to disclose financial institutions with access to master accounts and services. Because the statutory requirement to disclose this information supersedes the Board’s proposal, the Board will not adopt its proposal.
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