§248c Master Account and Services Database

Summary

The Federal Reserve Board must make and keep a public, searchable website that lists who has or asks for a Federal Reserve master account and services. The site must show every entity that now has access (and the date access was granted if that date is known). It must also show every entity that files an access request after the law passed or that had a pending request on December 23, 2022, including the date the request was submitted and whether it was approved, rejected, is still pending, or was withdrawn, plus the date of that decision if there is one. The Board must publish the site no later than 180 days after December 23, 2022, and must update it at least once every quarter. Definitions: "access request" means a request to a Federal Reserve bank for a master account and services; "official accountholder" means certain governments, central banks (not commercial banks), public international organizations with immunities, or government accounts directed by the Treasury; "reserve bank master account and services" means accounts or services the Fed provides to entities that are not official accountholders. The site must also show each listed entity’s general type: an insured depository institution, an insured credit union, or a depository institution that is not insured.