Banking Law: Fed Beats Narrow Bank Lawsuit

A New York federal judge on Wednesday threw out a lawsuit from a “narrow bank” startup that alleges federal regulators have unfairly blocked it from opening a business-critical account at the New York Fed, ruling the firm’s case is premature because no official denial has yet been given.

The full article is available at https://www.law360.com/banking/articles/1257102/ny-fed-beats-narrow-bank-master-account-suit

Editor’s Note: This case is important as the bank in question sought to open accounts for customers solely in order to provide access to Federal Reserve rates, effectively creating pseudo-individual accounts at the central bank.

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