The Custodia Bank sued the Central Bank in 2022 because of a delayed decision on their master account application. A judge ruled that the Federal Reserve is not required to provide the bank with access to its master account. Judge Scott Skavdahl stated that Federal Reserve Banks can grant master accounts, but Custodia did not receive approval for theirs. The bank argued that every depository institution under state law should be entitled to a master account, but the court dismissed the claim. Custodia accused the Fed of violating the Administrative Procedures Act, but the court rejected this claim as well. Custodia's application for a master account was filed with the Kansas City Fed in 2020 and was denied in January 2023. The bank is governed by Wyoming law as a special purpose depository institution.
**Custodia Bank Loses Bid for Federal Reserve Master Account**
by Giorgi Kostiuk
2 years ago
Made with AI
Tier I
Sector: #18291
Sealed Cache Room
Resource Cache
Tier I
Meme Cache
Tier I
Equipment Cache
Tier I
After collecting, caches will be stored in your inventory and can be opened with Keys.
Tier I
Sector: #18291
25%
50%
75%
100%
Tier II
Survivors rescued:
0 / 600
Survivors
0/0
Other news
OpenAI Claims to Solve Navier-Stokes Equations Amid Controversy
OpenAI announced on September 8, 2026, that it has solved the Navier-Stokes equations, a significant problem in mathematics, but faces criticism from NYU mathematician Tristan Buckmaster regarding the originality of the solution.
Cronos Reverses Transactions to Mitigate Exploit Damage
Cronos blockchain network rolled back nearly two hours of transaction history to recover funds after a significant exploit of the Tectonic lending protocol.
MEXC Introduces Opportunity Compass for Enhanced Market Understanding
MEXC has launched Opportunity Compass, an educational initiative aimed at helping users understand both crypto and traditional financial markets.
MEXC Introduces Opportunity Compass for Crypto Education
MEXC has launched Opportunity Compass, an initiative aimed at educating cryptonative users about global markets and financial opportunities.
Zoomex Highlights Market Volatility Amid Economic Shifts
Zoomex highlights its platform's capabilities during a week of sharp market volatility driven by economic data, enabling traders to respond in real-time.
Tesla Faces Regulatory Scrutiny, Stock Drops
Tesla's shares fell 6% following a new investigation into its autonomous vehicle technology by the National Highway Traffic Safety Administration, highlighting the impact of regulatory scrutiny on the stock market.
Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter