US Federal Reserve Proposes Guidelines for ‘Novel’ Banks That Want Access to Fed Payments

The U.S. Federal Reserve has proposed guidelines that would give “novel types of banking charters” access to the Fed’s payments rails.

The central bank invited public comment on the guidelines for the next 60 days.

The “Account Access Guidelines for the Reserve Banks” would have direct bearing on Wyoming special purpose depository institutions (SPDIs), said U.S. Sen. Cynthia Lummis. SPDIs are custodian banks for digital assets that provide safekeeping and fiat on-ramps. Access to Fed payments has long been a talking point for SPDI proponents.

“Today’s announcement from the Federal Reserve is a major step toward promoting responsible innovation in our banking system,” the Wyoming Republican said in a press release. The guidelines "recognize that access to our payment system is a privilege, not a right, and that there are basic safety and soundness standards that all banks, including Wyoming’s special purpose depository institutions, must meet. “