Randall D. Guynn, Margaret E. Tahyar, Daniel E. Newman, Justin Levine and Paul Drexler

Davis Polk Discusses Rulings on Fed’s Denial of Master Accounts to Custodia and PayServices

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Two federal district courts recently upheld decisions by the Federal Reserve Bank of Kansas City (FRBKC) and the Federal Reserve Bank of San Francisco (FRBSF) to deny master account applications from Custodia Bank (Custodia) and PayServices Bank (PayServices). Custodia has …