Master Account Suit Of 'Narrow Bank' Isn't Ripe: NY Fed​​​​​​​

By Jon Hill (October 17, 2018, 10:24 PM EDT) -- The Federal Reserve Bank of New York on Tuesday previewed its anticipated bid to escape a lawsuit from a new "narrow bank" that alleges it's been unfairly blocked from receiving a Fed master account, telling a Manhattan federal judge that the case is premature because the bank's application is still under review.

The Connecticut-based TNB USA Inc. — as in "the narrow bank" — filed a lawsuit at the end of August seeking to force the New York Fed to give it a master account, which the bank says it needs to implement its strictly limited business plan of taking deposits...

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