Fed Inviting Public Comments on its ‘Account Access Guidelines’ that Promotes Banking Innovation
The “thoughtful” guidelines from the Fed, a “critical step” towards approval of Wyoming-chartered SPDIs, which are custodian banks for digital assets, says Senator Cynthia Lummis.
The Federal Reserve is proposing guidelines to promote responsible banking innovation.
In its “Account Access Guidelines,” the central bank of the US is evaluating requests for accounts and payments services at Federal Reserve Banks.
In recent years, we have seen the introduction of new financial products and delivery mechanisms for traditional banking services, notably leveraging emerging technologies, including new types of banking charters designed to support such innovation, wrote the Fed.
In order to facilitate these activities, some of these institutions have requested access to the payments system offered by Federal Reserve Banks.
In response, the Fed is proposing Account Access Guidelines for the banks to evaluate such requests in order to have a transparent and consistent process. Federal Reserve Board Governor Lael Brainard said,
“With technology driving rapid change in the payments landscape,” the guideline “promotes a safe, efficient, inclusive, and innovative payment system, consumer protection, and the safety and soundness of the banking system.”
The Fed is currently inviting public comments on its guidelines that will be accepted for a 60-day period.
This is a “critical step” towards approval of Wyoming-chartered special purpose depository institutions (SPDIs), which are custodial banks for digital assets, she said in a statement.