Davis Polk Discusses Rulings on Fed’s Denial of Master Accounts to Custodia and PayServices
Reynolds Holding
APRIL 15, 2024
Two federal district courts recently upheld decisions by the Federal Reserve Bank of Kansas City (FRBKC) and the Federal Reserve Bank of San Francisco (FRBSF) to deny master account applications from Custodia Bank (Custodia) and PayServices Bank (PayServices). Its business model is to provide banking services to crypto-asset companies.
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