October 17, 2018 / 9:39 PM / a month ago

New York Fed fights lawsuit by deposit-only Connecticut bank

The business model of Connecticut bank TNB USA raises significant policy concerns and the Federal Reserve is not obligated to open an account for the bank, the Federal Reserve Bank of New York told a Manhattan federal court on Tuesday.

In a letter to U.S. District Judge Andrew Carter, an attorney for the New York Fed said the court should reject TNB’s argument that the Federal Reserve Act requires that the bank be given a master account that would give it access to the national banking system.

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