Fintech Nexus Newsletter (April 29, 2024): Custodia Bank appeals ruling on Fed master account case
Caitlin Long, the CEO and founder of Custodia Bank, has been fighting for access to the Fed payments system for many years. Custodia first applied for a Fed master account in October 2020.
After her application was endlessly delayed, she sued the Fed to review her application. They eventually did and ruled against her. So, she sued the Federal Reserve again.
Last month a Wyoming judge ruled against Custodia. We learned on Friday that Custodia is appealing that decision. The bank has appealed to the Tenth Circuit.
No one could accuse Caitlin Long of not trying. She has been steadfast in her belief that Custodia deserves a Fed master account and has been a vocal critic of Fed policy not allowing a new breed of bank like Custodia access to the Fed.
The fight will continue.
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> Custodia Bank Appeals Court Loss in Fed Master Account Lawsuit
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Custodia, a Wyoming-based aspiring crypto bank, filed a notice of appeal against a court ruling that affirmed the Federal Reserve’s rejection of its bid for a master account and membership.
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