Federal Reserve Board provides technical clarification that its account access guidelines apply to excess balance accounts
EST
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.
For media inquiries,
please e-mail [email protected] or call (202) 452-2955. Last Update:
December 09, 2024