CUNA supports the Federal Reserve Board creating “clear and consistent” guidelines for access to Reserve Bank accounts and services, it wrote Monday. CUNA’s letter is in response to proposed guidelines for evaluating requests for accounts and services at Federal Reserve Banks.
“CUNA supports the Board’s effort to establish clear and consistent guidelines to evaluate requests for master account access to Reserve Bank accounts and services,” the letter reads. “The proposed Guidelines do not address how the Reserve Banks would ensure that new applicants for Reserve Bank accounts and services that are not subject to the rigorous regulations and supervision in place for federally-insured depository institutions or privately-insured state chartered credit unions would demonstrate adequate standards ensuring the safe operation of the payments system.”
CUNA adds that while the current system has worked well, providers other than credit unions and banks will likely seek access, and some could rely on technologies that may pose “unique risks” to the payments system.
The letter also notes: