Waller proposes ‘skinny’ master accounts for Fed payment services
New facility would enable firms to access Fed services without having to go through third-party lenders
Christopher Waller is asking staff at the Federal Reserve to explore the creation of “skinny master accounts”. These would provide the Fed’s master account payment services to firms that currently conduct transactions through other lenders that do have master accounts at reserve banks.
In a speech on October 21, the Fed governor said that for the new “payment account”, the US central bank would tailor its services depending on the risks presented by an individual firm and its behaviours. Skinny
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