11/25/18 - Should Non-Bank Payment Firms Be Eligible to Open Federal Reserve Bank Accounts?
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11/25/18 - Should Non-Bank Payment Firms Be Eligible to Open Federal Reserve Bank Accounts?

Managing Director B.J. Sanford and Principal Daniel Bufithis-Hurie published an article in Banking Perspectives about growth in demand among nonbanks for access to U.S. settlement systems and how policymakers and the industry could respond.

“Growing demand by non-bank payment firms for direct access to U.S. settlement systems should make us reassess not only which firms are eligible for Federal Reserve master accounts but which should be granted U.S. bank charters and licenses,” they write.

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