.custodiabank has renewed its effort to secure a Federal Reserve 'master account,' filing an amended lawsuit against the U.S. central bank's board on Friday. nikhileshde reports
Custodia Bank filed an amended complaint against the Federal Reserve Friday, weeks after the Fed rejected the bank's effort to secure a"master account" and become a member of the Federal Reserve System.
"Defendants had a non-discretionary duty to grant Custodia’s master account application and not to discriminate against Custodia in its ability to access all bank services using that account. Any other outcome eviscerates the dual-banking system that has served our nation since its founding," the filing said., alleging at the time that the Fed had missed a legal deadline to make a decision on its application for a master account.
The lawsuit makes the case that the Fed cannot reject Custodia's application, noting that the statute says Fed services"shall be available to nonmember depository institutions."
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