A Federal Reserve database of master accounts reveals “stunning” information in Wyoming-based Custodia Bank’s precedent-setting lawsuit against the Fed for denying its master account.

cross-posted from: https://lemmy.world/post/403754

A Federal Reserve database of master accounts reveals “stunning” information in Wyoming-based Custodia Bank’s precedent-setting lawsuit against the Fed for denying its master account.

  • Maggoty@lemmy.worldOPEnglish
    3·
    2 years ago

    It’s a bank account with the Fed for a bank. It basically allows them to function as a bank. Without it they need an intermediary. It appears the government has been denying these accounts to some banks that states either created or sanctioned.

    I’m not totally sure myself yet why or what the exact details are but it seems like a thing to keep an eye on.