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The Federal Reserve denied Custodia Bank's application for Federal Reserve System membership, citing safety, soundness, and risk management concerns including money laundering risks. Custodia is a Wyo...

The Federal Reserve announced it will develop the FedNow Service, a new real-time payment and settlement system. The service aims to provide 24x7x365 instant payment infrastructure for depository inst...

Kraken Bank, operating under a Wyoming Special Purpose Depository Institution (SPDI) charter, applied for a Federal Reserve master account on July 12, 2021. The application raised significant policy q...

The Federal Reserve launched the FedNow® Service, enabling 24/7 real-time transactions across the U.S. banking system. The launch modernizes U.S. payment infrastructure and represents a transformation...

The Federal Reserve issued a policy statement effective February 7, 2023, limiting state member banks' activities—particularly crypto asset activities—to those permissible for national banks. The stat...

The Federal Reserve Board issued supervisory letters establishing a Novel Activities Supervision Program targeting complex, technology-driven partnerships between banks and nonbanks. The program focus...

The Federal Reserve issued a cease-and-desist order against Evolve Bank & Trust on June 14, 2024, citing deficiencies in risk management related to its fintech partnerships. The order requires Evolve ...

The Federal Reserve denied The Narrow Bank's (TNB) application for a master account after a six-year review process. While TNB is not a traditional fintech, the denial underscores the difficulty non-t...