Federal Reserve proposes guidelines for what firms qualify for Fed accounts, payments services By Reuters

Federal Reserve proposes guidelines for what firms qualify for Fed accounts, payments services

Stock MarketsMay 05, 2021 12:43PM ET

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Federal Reserve proposes guidelines for what firms qualify for Fed accounts, payments services

WASHINGTON (Reuters) - The U.S. Federal Reserve proposed Wednesday guidelines for what sorts of financial institutions can have access to accounts at the central bank and its related payment services.

The Fed said the new guidelines reflected the fact that technological growth and the consideration of novel banking charters has resulted in more nontraditional financial institutions. The guidelines are aimed at creating "transparent and consistent process" for which firms would receive access to the Fed's accounts and payments systems, which typically have gone to traditional banks.

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