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ABA: The American Bankers Association
Statement

ABA Statement on Fed Master Account Guidelines

"We welcome the Federal Reserve's new Account Access Guidelines, which we hope will provide much-needed clarity and consistency to master account eligibility and approval. As we indicated in our comment letters, we embrace financial innovation, but we should not do anything to undermine the strength and resiliency of our banking system. Allowing new financial players to access the Federal Reserve system without requiring them to meet the same high standards as banks poses real risks. We will watch carefully to ensure that these new guidelines, particularly the tiering requirements, recognize those risks, and we look forward to seeing the Board and the Reserve Banks apply these guidelines fairly but rigorously."

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $19.6 trillion in deposits and extend $11.8 trillion in loans.

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Jeff Sigmund

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