Custodia’s Suit Against Fed Over Denial of Master Account Can Proceed, Court Rules

In October 2020, Custodia applied to the Kansas Conurbation Fed for a master account. Without such an account, banks can’t offer the same services as institutions with such accounts. Then in August the next year, Custodia appealed to the Fed Board of Governors for membership, which would subject the bank to the Fed’s oversight and regulations.