August 15, 2023
The Federal Reserve Bank of San Francisco has asked a federal judge to toss a suit over its decision to withhold a master account from PayServices Bank, arguing the denial was a lawful exercise of its discretion to guard against potential illicit finance risks.
June 29, 2023
PayServices Bank, a fintech focused on trade finance, has become the latest nontraditional banking startup to sue for access to the U.S. payments system, filing a lawsuit that accuses the Federal Reserve Bank of San Francisco of unlawfully refusing to grant it a so-called master account.