§248c — Title 12 Banks and Banking | U.S. Code

Summary

The Federal Reserve Board must make and keep a public, searchable website that lists who has or has asked for a reserve bank master account and services. The site must show every current account holder and every access request made after the law passed or pending on December 23, 2022. For each item the site must show when a request was made and whether it was approved, rejected, left pending, or withdrawn, with dates when known. The Board must update the site at least once every quarter and must publish it within 180 days after December 23, 2022. Definitions (one line each): access request — a request to a Federal Reserve bank for a master account and services; official accountholder — a foreign state, a noncommercial central bank, certain international organizations, or a U.S. government entity the Treasury directs the Fed to hold deposits for; reserve bank master account and services — an account or Fed service given to an entity that is not an official accountholder.

Title 12, §248c

Banks and Banking — Source: USLM XML via OLRC

(a)In this section:

(1)The term “access request” means a request to a Federal reserve bank for access to a reserve bank master account and services, including any written documentation or formal indication that an entity intends to seek access to a reserve bank master account and services.

(2)The term “official accountholder” means—

(A)a foreign state, as defined in section 632 of this title;

(B)a central bank, as defined in section 632 of this title, other than a commercial bank;

(C)a public international organization entitled to enjoy privileges, exemptions, and immunities as an international organization under the International Organizations Immunities Act (22 U.S.C. 288 et seq.); and

(D)any governmental entity for which the Secretary of the Treasury has directed a Federal reserve bank to receive deposits as fiscal agent of the United States under section 391 of this title.

(3)The term “reserve bank master account and services” means an account in which a Federal reserve bank—

(A)receives deposits for an entity other than an official accountholder; or

(B)provides any service under section 248a(b) of this title to an entity other than an official accountholder.

(b)(1)The Board shall create and maintain a public, online, and searchable database that contains—

(A)a list of every entity that currently has access to a reserve bank master account and services, including the date on which the access was granted to the extent the date is knowable;

(B)a list of every entity that submits an access request for a reserve bank master account and services after enactment of this section (or that has submitted an access request that is pending on December 23, 2022), including whether, and the dates on which, a request—

(i)was submitted; and

(ii)was approved, rejected, pending, or withdrawn; and

(C)for each list described in subparagraph (A) or (B), the type of entity that holds or submitted an access request for a reserve bank master account and services, including whether such entity is—

(i)an insured depository institution, as defined in section 1813 of this title;

(ii)an insured credit union, as defined in section 1752 of this title; or

(iii)a depository institution that is not an insured depository institution or an insured credit union.

(2)Not less frequently than once every quarter, the Board shall update the database to add any new information required under paragraph (1).

(3)Not later than 180 days after December 23, 2022, the Board shall publish the database with the information required under paragraph (1).

Notes & Related Subsidiaries

Editorial Notes

References in Text

The International Organizations Immunities Act, referred to in subsec. (a)(2)(C), is title I of act Dec. 29, 1945, ch. 652, 59 Stat. 669, which is classified principally to subchapter XVIII (§ 288 et seq.) of chapter 7 of Title 22, Foreign Relations and Intercourse. For complete classification of this Act to the Code, see

Short Title

note set out under section 288 of Title 22 and Tables. Enactment of this section, referred to in subsec. (b)(1)(B), means the enactment of this section by Pub. L. 117–263, which was approved Dec. 23, 2022.

§248c Master account and services database