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PayServices Bank v. Federal Reserve Bank of San Francisco
Case Number:
1:23-cv-00305
Court:
Nature of Suit:
Judge:
Firms
Government Agencies
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August 15, 2023
SF Fed Says It Wasn't Obligated To Grant Account To Fintech
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.
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June 29, 2023
SF Fed Sued Over Denial Of Fintech's Master Account Bid
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.