Fed clarifies account access rules for fintech firms
Proposals address growing number of firms seeking access to the central bank’s balance sheet
The Federal Reserve published proposals for clarifying how it will consider requests by fintech firms for access to its balance sheet.
The Fed’s May 5 statement invited industry participants to respond to the proposals within 60 days. It noted the recent growth of “new financial products and delivery mechanisms”, which involve the use of “emerging technologies”.
Fed governor Lael Brainard said the proposals, if adopted, would mean the regional Feds took a common approach to deciding which
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