On Wednesday, May 5, 2021, the Board of Governors of the Federal Reserve System (“Federal Reserve”) issued a notice requesting public comment on proposed guidelines articulating a series of principles to be used by Federal Reserve Banks in evaluating requests for Reserve Bank master accounts and payment services (the “Proposed Guidelines”). The Federal Reserve intends for the Proposed Guidelines to promote key policy goals with respect to the banking system, financial stability, monetary policy, consumer protection, and the payment system. Comments on the Proposed Guidelines are due 60 days after publication in the Federal Register.

Click here to read our Eight Things to Know about the Federal Reserve’s Proposed Guidelines.