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
Ripple Prime Expands Institutional Trading with New Derivatives Access
Ripple Prime introduces access to perpetual derivatives referencing traditional assets for eligible institutional clients.
Pirate Chain Developers Report Major Vulnerability
Pirate Chain developers disclosed a significant vulnerability leading to the creation of approximately 398 million unauthorized ARRR tokens, raising urgent questions about network supply and trust.
Crypto King Aiden Pleterski Faces Criminal Charges Over Misuse of Investor Funds
A Canadian court hears evidence that Aiden Pleterski misused investor funds for personal expenses.
BinanceUS Seeks $100 Million in Fundraising Round
BinanceUS is reportedly pursuing a $100 million fundraising round at a valuation of approximately $1 billion to strengthen its position in the American cryptocurrency market.
Consulting Arrangement Raises Questions About Tether and Bo Hines
A reported $63 million consulting arrangement between Tether and Nxum, linked to former White House adviser Bo Hines, has sparked concerns over potential conflicts of interest.
Arbitrum Engages European Financial Institutions on Blockchain Infrastructure
Arbitrum representatives presented the network's infrastructure and revenue model to European financial institutions managing substantial assets, discussing its commercial potential and the value of blockchain services.
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