August 15, 2022
Statement on Guidelines to Evaluate Requests for Accounts and Services at Federal Reserve Banks by Governor Michelle W. Bowman
Entities making application to the Federal Reserve should be able to clearly understand the expectations and standards of review that will apply when they seek access to Reserve Bank accounts and services. The publication of the Non-Traditional Account Access guidelines is an important step to provide transparency and consistency across the Federal Reserve System with respect to such requests.
However, these guidelines are only the first step in providing a transparent process. More work remains to be completed before a process is established to fully implement the guidelines. There is a risk that this publication could set the expectation that reviews will now be completed on an accelerated timeline.