November 04, 2022

Federal Reserve Board invites public comment on a proposal to publish a periodic list of depository institutions that have access to Federal Reserve accounts—often referred to as “master accounts”— and payment services

For release at 1:30 p.m. EDT

The Federal Reserve Board on Friday invited public comment on a proposal to publish a periodic list of depository institutions that have access to Federal Reserve accounts—often referred to as "master accounts"—and payment services. The proposal would result in a transparent and accessible source of this information for the public.

In August, the Board adopted final guidelines that establish a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access these accounts and payment services.

"Today's proposal will enhance transparency to the public by periodically publishing a comprehensive list of financial institutions that have access to Federal Reserve accounts and payment services," said Vice Chair Lael Brainard. "I look forward to getting feedback on this proposal for enhanced transparency."

The proposal issued today would build on the transparency of the guidelines by requiring Reserve Banks to periodically disclose which depository institutions have access to their accounts and payment services.

Comments will be accepted for 60 days after publication in the Federal Register.

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Last Update: November 17, 2022