Former Federal Reserve Governor Sarah Bloom Ruskin withdrew her nomination for the central bank supervisory position in March. But mystery deepens as to how the Colorado-based Reserve Trust—the fintech company on whose board she sits—obtained a Fed master account.
Pennsylvania Sen. Pat Tommy sent a letter Wednesday to Kansas City Fed Chairman Esther George inquiring about the regional bank’s recent decision to cancel the Reserve Trust’s master account. Reserve Trust was the first and apparently the only non-bank fintech to receive a Fed Master account, which allows an institution to transfer funds without bank partners.
opinion | Fed and Reserve Trust revisited
Former Federal Reserve Governor Sarah Bloom Ruskin withdrew her nomination for the central bank supervisory position in March. But mystery deepens as to how the Colorado-based Reserve Trust—the fintech company on whose board she sits—obtained a Fed master account.
Pennsylvania Sen. Pat Tommy sent a letter Wednesday to Kansas City Fed Chairman Esther George inquiring about the regional bank’s recent decision to cancel the Reserve Trust’s master account. Reserve Trust was the first and apparently the only non-bank fintech to receive a Fed Master account, which allows an institution to transfer funds without bank partners.