NYLIB Submits Letter to Federal Reserve Board Regarding Master Accounts
On February 17, 2022, NYLIB submitted a letter to the Federal Reserve Board concerning the issuance of master accounts by the Federal Reserve Banks. NYLIB’s letter, which notes that eligibility for FDIC insurance is limited to depository institutions with at least $500,000 in non-trust deposits, 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.
