Account access guidelines apply to excess balance accounts (EBAs), the Federal Reserve said late Monday in a “technical clarification.”
The Fed said its 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 agency said the guidance on EBAs is effective when published in the Federal Register, which as of Tuesday had not yet occurred.
An EBA is a limited-purpose account at a Federal Reserve Bank established for maintaining the reserve balances of eligible institutions, the Fed said. An EBA is managed by an agent on behalf of the participating institutions.