WASHINGTON (Reuters) – The U.S. Federal Reserve on Tuesday proposed a tiered framework for reviewing applications to obtain a master account with the central bank as part of an effort to ensure “transparent and consistent” review of those applications.
The proposal would establish a streamlined review process for federally-insured institutions that are seeking such accounts, while strictest review will be reserved for firms that are not insured and are not directly supervised by banking regulators.
(Reporting by Pete Schroeder; Editing by Chris Reese)
