Comments Due to NAFCU: Federal Reserve System - Guidelines for Evaluating Account and Services Requests

Important Regulatory Dates Add to Calendar 2021-06-28 17:00:00 2021-06-28 17:00:00 Comments Due to NAFCU: Federal Reserve System - Guidelines for Evaluating Account and Services Requests NAFCU would like to highlight the following: The proposed account access guidelines are intended to create a uniform and transparent framework for evaluating access requests for Reserve Bank services centered on a foundation of risk management and mitigation. The Board anticipates the application of the guidelines to access requests by federally-insured institutions would be fairly straightforward in most cases. Reserve Bank assessments of access requests from non-federally-insured institutions, however, may require more extensive due diligence. The proposed account access guidelines identify potential risks and prompt the Reserve Bank to identify risk mitigation strategies adopted by the institution (including capital, risk frameworks, compliance with regulations, and supervision) and by the Reserve Bank (including account agreement provisions, restrictions on financial services accessed, account risk controls, and denial of access requests). Comments due to NAFCU: June 28, 2021 Comments due to Fed: July 12, 2021 Comment now   NAFCU will send comments on behalf of its members to the Federal Reserve by their deadline (June 28, 2021). Location NAFCU digital@nafcu.org America/New_York public

NAFCU would like to highlight the following:

  • The proposed account access guidelines are intended to create a uniform and transparent framework for evaluating access requests for Reserve Bank services centered on a foundation of risk management and mitigation.
  • The Board anticipates the application of the guidelines to access requests by federally-insured institutions would be fairly straightforward in most cases. Reserve Bank assessments of access requests from non-federally-insured institutions, however, may require more extensive due diligence.
  • The proposed account access guidelines identify potential risks and prompt the Reserve Bank to identify risk mitigation strategies adopted by the institution (including capital, risk frameworks, compliance with regulations, and supervision) and by the Reserve Bank (including account agreement provisions, restrictions on financial services accessed, account risk controls, and denial of access requests).

Comments due to NAFCU: June 28, 2021

Comments due to Fed: July 12, 2021

Comment now  

NAFCU will send comments on behalf of its members to the Federal Reserve by their deadline (June 28, 2021).