Washington, D.C. — The Federal Reserve today issued a proposal and requested public comment on payment accounts for eligible institutions. Bank Policy Institute President and CEO Greg Baer issued the following statement in response:
“Today’s proposal attempts to establish minimum protections for expanded Federal Reserve account access but warrants further scrutiny to ensure that credit, settlement, illicit finance and other risks would be fully mitigated. Master account applications are carefully reviewed because insufficient protections can harm the structure, stability and resilience of the U.S. payments system. BPI will continue to advocate for responsible innovation backed by appropriate risk mitigants codified in law.”
To learn more, access BPI’s factsheet here.
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About Bank Policy Institute
The Bank Policy Institute is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud, and other information security issues.
Media Contacts
Tara Payne
Bank Policy Institute
tara.payne@bpi.com