Federal Reserve Board requests public comment on proposed guidelines to evaluate requests for joint accounts at Federal Reserve Banks

[kreslik.news]

The Federal Reserve Board on Monday requested comment on proposed guidelines that would be used to evaluate requests for joint accounts at Federal Reserve Banks. The accounts are intended to facilitate settlement between depository institutions participating in U.S. payment systems.

The Federal Reserve Banks typically permit a single master account per eligible depository institution. In limited cases and for specific purposes, the Reserve Banks have in the past opened joint accounts held for the benefit of multiple depository institutions, which are managed by an agent on behalf of those depository institutions. In light of ongoing developments to improve the U.S. ... (read more)