NY Fed Beats 'Narrow Bank' Master Account Suit

Law360 (March 25, 2020, 9:34 PM EDT) -- A New York federal judge on Wednesday threw out a lawsuit from a “narrow bank” startup that alleges federal regulators have unfairly blocked it from opening a business-critical account at the New York Fed, ruling the firm’s case is premature because no official denial has yet been given.  

In a 20-page decision, U.S. District Judge Andrew L. Carter Jr. declined to decide whether the Federal Reserve Bank of New York is legally required to grant a “master account” to TNB USA Inc., which claims it is entitled to open one of these accounts and can't go into business without it....

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