NYLIB Submits Second Letter to Federal Reserve Board Regarding Master Accounts

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On May 6, 2022, NYLIB submitted a letter to the Federal Reserve Board concerning the issuance of master accounts by the Federal Reserve Banks. NYLIB’s May 6th letter follows up on NYLIB’s earlier letter to the Board dated February 17, 2022. NYLIB’s May 6th letter notes that eligibility for FDIC insurance is limited to depository institutions with at least $500,000 in non-trust deposits and recommends that the Board promulgate a regulation clarifying that master accounts can only be issued to depository institutions with at least $500,000 in non-trust deposits.

Pinchus Raice and Dustin Nofziger of Pryor Cashman LLP assisted NYLIB President Edward Lutz with the organization’s letter.

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