The latest Independent Banker magazine spotlights efforts by nontraditional financial companies to get access to Federal Reserve master accounts and why ICBA is working to protect access to these accounts.
Details: As reported by Independent Banker, nonbank entities and crypto institutions are trying to obtain access to master accounts—industry settlement accounts that are traditionally limited to depository institutions that are highly regulated and pose limited risk to the banking system.
ICBA View: In the article, ICBA Vice President of Payments Policy Kari Mitchum says ICBA’s goal is to continue limiting who has master account access to only those institutions that meet the financial services sector’s highest standards to protect the safety of the U.S. banking system.
