Key insight: So-called "skinny" Fed accounts could grant direct Fed-rail access to crypto-focused banks. What's at stake: Banks relying on BaaS revenue risk disintermediation and margin pressure. The ...

Banks and nonbanks alike want to know more about who can get an account with the Federal Reserve and how. The Fed is already considering further changes to its master account management practices.

One judge sided with Custodia Bank, stating that a master account is “indispensable” for a bank’s day-to-day operations and being denied one is “akin to a death sentence.” A US federal court has ...