Federal Reserve’s ‘Skinny Master Account’ Proposal Sparks Debate Among Crypto and Community Banks
Crypto firms and small community banks have voiced concerns over the Federal Reserve’s proposed rule outlining access to limited 'skinny' master accounts for payment services.
Summary
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Terms & Concepts
Master Account: A Federal Reserve account that allows institutions to access payment and settlement services directly.
Skinny Master Account: A limited-access version of a Federal Reserve master account proposed to offer restricted payment functionality.
Community Bank: A small, locally focused banking institution that serves regional customers and small businesses.