New York Fed files to dismiss narrow bank lawsuit
The Federal Reserve Bank of New York has filed a motion to dismiss The Narrow Bank’s (TNB) lawsuit, claiming that TNB’s case is “unripe” and has no legal ground to stand on.
In August, the start-up bank filed a complaint in federal court seeking a judgement and injunction compelling the New York Fed to open a Fed account called a master account.
TNB argues it has a clear legal right to open a master account and the dispute is “plainly ripe” for review. The dispute, now ongoing for more than a
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