FRB issues guidelines to evaluate requests for joint accounts at Federal Reserve Banks
August 10, 2017 / Source: FRB
August 09, 2017
Federal Reserve Board issues guidelines to evaluate requests for joint accounts at Federal Reserve Banks
For release at 2:00 p.m. EDT
The Federal Reserve Board on Wednesday released final guidelines that will be used to evaluate requests for joint accounts at Federal Reserve Banks effective upon publication in the Federal Register. Joint accounts are intended to facilitate settlement between depository institutions participating in private-sector payment systems.
The Reserve Banks have, in limited cases in the past, opened joint accounts where the rights and liabilities are shared among multiple depository institution account-holders. The final guidelines will provide consistency and transparency with respect to evaluation of future joint account requests, given continued innovation in the U.S. payment system and the likelihood that there may be broader interest in such joint account arrangements going forward.
The final guidelines broadly outline considerations for evaluating joint account requests. Requests will be evaluated on a case-by-case basis, and more specific considerations and information necessary to evaluate a particular request will likely be required based on the complexity of the arrangement and other factors.
The Board's Federal Register notice is attached. Parties may contact the Reserve Bank in their respective districts for more information about requesting a joint account.
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Last Update: August 09, 2017