Economic news
Fed finalizes guidelines for granting firms access to payment services
2022.08.15 21:53
FILE PHOTO: The U.S. Federal Reserve Building is pictured in Washington, March 18, 2008. REUTERS/Jason Reed
WASHINGTON (Reuters) – The U.S. Federal Reserve announced on Monday it had finalized guidelines for how it would review requests by banks, fintechs and other firms to access the central bank’s master accounts and payment systems.
The final product is substantially similar to earlier proposals the Fed floated in May 2021 and March, and would create a tiered review system that reserves the closest scrutiny to companies that lack federal deposit insurance and are not traditionally overseen by bank regulators.
