NY Fed activates motion to dismiss TNB’s lawsuit
“The relief TNB seeks is wholly incompatible with the public interest” – New York Fed
The Federal Reserve Bank of New York activated its motion to dismiss The Narrow Bank’s lawsuit on March 8, saying the legal action would cut short the Federal Reserve’s process of assessing the impact of TNB’s business model.
TNB, a start-up bank that is hoping to arbitrage the interest rate the Fed pays on excess reserves (IOER), filed a lawsuit against the Fed bank in August 2018. TNB argues the New York Fed is unlawfully delaying the approval for it to open an account that would make it
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