Custodia Bank files appeal over decision supporting Fed denial of master account
Custodia's appeal, filed Wednesday, challenges the March decision by
The appeal brief argues that Custodia — a special purpose depository institution (SPDI) founded under
In his ruling, Skavdahl argued that denying the Fed such sweeping powers might lead to a "'race to the bottom' among states and politicians to attract business by reducing state chartering burdens through lax legislation."
Custodia's appeal brief quotes
"I have never seen this among the bank regulators in my 30 years at the
How Skavdahl's ruling impacts the dual banking system is identified in the appeal brief. The brief contends the Fed's "assertion of power to deny state-chartered banks master accounts after second-guessing the state-charter's risk assessment is antithetical to the dual banking system."
The brief challenges the Fed's "newly asserted power to discriminate against state-chartered banks in issuing master accounts" cannot be squared with the uniform contemporaneous understanding of the federal Monetary Control Act (MCA).
Custodia's brief points to
Since the March ruling in Custodia's case, the
In an interview Thursday,
"
Long alleges that Warren and other "hard-left
Custodia's case is being handled by veteran
Changes in Flood Hazard Determinations
"Solutions in Search of a Problem: Chair Gensler's Equity Market Structure Reforms."
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News