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
3 years ago
Made with AI
Tier I
Sector: #18291
Sealed Hiding Place Room
Resource Cache
Tier I
Meme Cache
Tier I
Equipment Cache
Tier I
After collecting, hiding places 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
Birdeye Unveils Peak, a New Terminal for Institutional Crypto Research
Birdeye has launched Peak, a new terminal aimed at institutional crypto researchers, consolidating various data and analysis services into one professional workspace.
Google Implements New Advertising Policy for Crypto Providers in UAE
Google has announced new licensing and certification requirements for crypto exchanges and software wallet providers targeting customers in the United Arab Emirates.
Meta's Board Approves New Class of Nonvoting Stock
Meta's board has approved the creation of Class C nonvoting shares to be distributed to existing Class A and Class B shareholders, effective January 19, 2027.
Meta's Financial Strategy Ensures Founder Control
Meta's financial strategy includes plans to potentially raise hundreds of billions in equity while ensuring Mark Zuckerberg retains control over the company.
BitGo Introduces BitGo Labs to Innovate in AI and Cryptocurrency
BitGo has launched BitGo Labs to develop AI-integrated applications for its digital asset infrastructure, starting with the Gokubu app.
TRON Solidifies Its Position as a Leading Blockchain Network for Stablecoin Settlement
In Q3 2026, TRON reinforced its position as a leading blockchain network for stablecoin settlement, achieving trillions in transaction volume and a record supply of USDT.
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