Custodia Bank Seeks Full Tenth Circuit Review in Federal Reserve Dispute
Custodia Bank argues that the Federal Reserve misinterpreted the Monetary Control Act in denying its master account, requesting an en banc review of the prior appellate ruling.
Fact Check
The assessment is based on direct and highly authoritative evidence. A news report from Bloomberg Law, a source with maximum authority and relevance, explicitly confirms that Custodia Bank has petitioned the U.S. Court of Appeals for the Tenth Circuit for a full 'en banc' review of its case. This directly supports the statement. Further corroboration comes from other credible legal news outlets like Law360, which provide essential context by detailing the preceding divided panel decision, establishing the legal basis and motivation for seeking a full court review. While several of the provided sources are irrelevant to the specific claim, none of the relevant sources contradict the statement. The convergence of a direct, high-authority confirmation with strong contextual evidence from other reliable sources makes the statement highly likely to be true.
Summary
Custodia Bank has applied for a full en banc review by the Tenth Circuit Court, challenging the Federal Reserve's refusal to grant it a master account. The Wyoming-based crypto bank contends that the October ruling upholding the Fed's decision misinterprets the Monetary Control Act. The en banc petition seeks review by all judges of the Tenth Circuit rather than the initial three-judge panel.
Terms & Concepts
- En Banc Rehearing: A legal procedure where all judges of an appellate court review a case, instead of the standard smaller panel.
- Master Account: An account at the Federal Reserve giving banks direct access to its payment systems.
- Monetary Control Act: A U.S. federal law enacted in 1980 granting all qualified depository institutions access to Federal Reserve services.