In light of ongoing developments to improve the U.S. payment system, including the Federal Reserve’s Strategies for Improving the U.S. Payment System (PDF) efforts, the Federal Reserve Board anticipates additional interest by industry participants in establishing joint accounts. Joint accounts are intended to facilitate settlement between depository institutions participating in U.S. payment systems.
The Federal Reserve Banks typically permit a single master account per eligible depository institution. In limited cases and for specific purposes, the Reserve Banks have in the past opened joint accounts held for the benefit of multiple depository institutions, which are managed by an agent on behalf of those depository institutions.
The Board proposes to establish guidelines to broadly outline considerations for evaluating joint account requests. Requests would be evaluated on a case-by-case basis, and more specific considerations and information necessary to evaluate a particular request would likely be required based on the complexity of the arrangement and other factors.
For more information review the Federal Register (Off-site, PDF) notice.
Request for Comments
Submit (Off-site) your comments on the proposed guidelines to evaluate requests for joint accounts by February 19, 2017 and/or view (Off-site) comments submitted by others. Comments on the proposed guidelines are requested within 60 days of publication in the Federal Register.