Davis Polk Discusses Rulings on Fed’s Denial of Master Accounts to Custodia and PayServices
Reynolds Holding
APRIL 15, 2024
District Court for the District of Wyoming (Wyoming District Court) upheld the FRBKC’s denial of Custodia’s application, reasoning that the FRBKC had the discretion to deny Custodia a master account even though Custodia was legally eligible to have one. The court provided seven reasons for its decision. No express requirement.
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