Additional data would maximize Fed master account process transparency
CUNA supports the Federal Reserve Board’s proposal to publish a list of institutions with access to accounts and services through the Reserve Banks and asks it to include additional information.
“CUNA strongly supports the Board’s proposed effort to increase the transparency of the master account access process, and we ask the Board to include several additional data points in the report to maximize this transparency,” the letter reads.
CUNA also notes the proposal must be coupled with the provision enacted as part of the FY 2023 National Defense Authorization Act which directs the Board to establish a searchable database of all entities with access to accounts and services at the Fed.
CUNA asks for the following additional information to be included:
- The Reserve Banks should publish the report of newly granted or terminated accounts monthly rather than quarterly.
- In addition to the institution name and the Reserve Bank district, the report should include the institution’s charter type, the city and state where the institution is located, the tier classification from the access guidelines, and the institution’s prudential regulator.
- New applications for access to Reserve accounts and services should be subject to a 30-day notice and comment period.