Skip to content
Rotary Mexico

Rotary Mexico

Primary Menu Rotary Mexico

Rotary Mexico

  • Home
  • Commerce sector
  • Commerce sales
  • Commerce law
  • Commerce account
  • Commerce payments
  • Commerce account

Senator Says Fed Revoked FinTech Master Account

6 months ago Heather K. Leach

U.S. Senator Pat Toomey wants answers on why the Federal Reserve Bank of Kansas City, he says, revoked a master account for the FinTech Reserve Trust, Reuters wrote on Thursday (June 9).

The master account gives Colorado-based Reserve Trust access to Fed payment services, which Reuters says is a rare and sought-after privilege for a FinTech.

Toomey, R-Pa., writing to Kansas City Fed President Esther George, said she learned unspecified that the account had been revoked.

Toomey, according to the report, said this raises questions about the Fed’s approval process for key accounts. Some FinTech and crypto companies have sought to access these services, usually reserved for traditional banks.

See also: Federal Reserve proposes changes to US central bank payments system

The Fed reportedly considered redoing the application process. In March, he said he was considering a tiered review process, with more scrutiny of federally insured institutions and more scrutiny of uninsured businesses and businesses not under the supervision of banking regulators. .

Reserve Trust’s request was denied in 2017, although it was granted in 2018 after the Fed said the company had changed its business model. The decision was mired in controversy, however, as former Fed Governor Sarah Bloom Raskin, who served on the Reserve Trust board, allegedly personally called George about the company’s candidacy in 2017. , according to Toomey.

Raskin, when she was recently being considered for another Fed job under President Joe Biden, said she acted ethically in the matter.

See also: Sarah Bloom Raskin steps down as Biden’s pick for top Fed banking regulator

PYMNTS wrote about the controversy surrounding Raskin and Reserve Trust. Raskin ultimately withdrew from consideration for Fed chief because too many lawmakers refused to back her, especially Democratic Sen. Joe Manchin, who said he couldn’t back her on her views. on climate change.

Biden’s next nominee, Michael Barr, appears to be closing in on approval. Barr, a law professor, received no opposition from Democrats in a committee vote this week and got five Republican support votes.

See also: Senate panel approves Michael Barr as Fed bank regulator

——————————

NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.

Continue Reading

Previous Half of All Savers Don’t Understand These 2 Retirement Account Investments: Explained | Economic news
Next Using This Retirement Account Can Save You 5 Figures In Your Golden Years | Economic news

More Stories

  • Commerce account

Savings Account vs Term Deposit Calculator

2 weeks ago Heather K. Leach
  • Commerce account

How does a merchant account work?

2 weeks ago Heather K. Leach
  • Commerce account

For the first time, Mexico will account for 40% of vehicle parts exports

2 weeks ago Heather K. Leach

Categories

  • Commerce account
  • Commerce law
  • Commerce payments
  • Commerce sales
  • Commerce sector

commerce industry commerce market commerce platforms commerce sales commerce sector covid pandemic digital commerce electronic commerce growth commerce online sales online shopping retail sales supply chain united states vice president

Recent Posts

  • PaydayNow Bad Credit Installment Loans: How does it affect my credit score?

  • Tenancy law facing a modern makeover – Daily Business Magazine

  • Wisetek doubles its online sales since the launch of Wisetek Store

  • Savings Account vs Term Deposit Calculator

  • INVESTIGATION ALERT: Scott+Scott Attorneys at Law LLP Announces Investigation of Yuga Labs, Inc.

  • How does a merchant account work?

Archives

  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • November 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • September 2018
  • July 2018
  • April 2018
  • January 2018
  • June 2017

You may have missed

  • Commerce law

Tenancy law facing a modern makeover – Daily Business Magazine

2 weeks ago Heather K. Leach
  • Commerce sales

Wisetek doubles its online sales since the launch of Wisetek Store

2 weeks ago Heather K. Leach
  • Commerce account

Savings Account vs Term Deposit Calculator

2 weeks ago Heather K. Leach
  • Commerce law

INVESTIGATION ALERT: Scott+Scott Attorneys at Law LLP Announces Investigation of Yuga Labs, Inc.

2 weeks ago Heather K. Leach
  • Commerce account

How does a merchant account work?

2 weeks ago Heather K. Leach
  • Privacy Policy
  • Terms and Conditions
Copyright © All rights reserved.