Federal Reserve
The Federal Reserve Board on Monday provided a technical clarification that its account access guidelines also apply to excess balance accounts, known as EBAs. An EBA is a limited-purpose account at a Federal Reserve Bank established for maintaining the reserve balances of eligible institutions. An EBA is managed by an agent on behalf of the participating institutions.
The Board's account access guidelines establish transparent, risk-based, and consistent factors for Reserve Banks to use in reviewing requests for access to accounts and services.
The guidance on excess balance accounts is effective upon its publication in the Federal Register, which is expected shortly.
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