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

Summary

The Board must create and keep a public, searchable online database that shows who has or asks for access to Federal Reserve master accounts and related services. Key terms: "access request" = a request to a Federal reserve bank for a master account or services; "official accountholder" = a foreign state, a non‑commercial central bank, certain international organizations, or a U.S. government entity for which the Treasury directs deposits; "reserve bank master account and services" = an account or service the Fed gives to entities that are not official accountholders. The database must list every entity that currently has access (and the date granted if known), every entity that files an access request after enactment or was pending on December 23, 2022 (showing when it was filed and whether and when it was approved, rejected, pending, or withdrawn), and for each entry the type of institution (insured depository institution, insured credit union, or other depository institution). The Board must update the database at least once each quarter and publish it within 180 days after December 23, 2022.

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