§ 248c. Master account and services database

567 words·~3 min read·/usc/title-12/section-248c

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(a)Definitions In this section:

(1)Access request The term “access request” means a request to a Federal reserve bank for access to a reserve bank master account and services, including any written documentation or formal indication that an entity intends to seek access to a reserve bank master account and services.

(2)Official accountholder The term “official accountholder” means—

(A)a foreign state, as defined in section 632 of this title;

(B)a central bank, as defined in section 632 of this title, other than a commercial bank;

(C)a public international organization entitled to enjoy privileges, exemptions, and immunities as an international organization under the International Organizations Immunities Act (22 U.S.C. 288 et seq.); and

(D)any governmental entity for which the Secretary of the Treasury has directed a Federal reserve bank to receive deposits as fiscal agent of the United States under section 391 of this title.

(3)Reserve bank master account and services The term “reserve bank master account and services” means an account in which a Federal reserve bank—

(A)receives deposits for an entity other than an official accountholder; or

(B)provides any service under section 248a(b) of this title to an entity other than an official accountholder.

(b)Publishing master account and access information

(1)Online database The Board shall create and maintain a public, online, and searchable database that contains—

(A)a list of every entity that currently has access to a reserve bank master account and services, including the date on which the access was granted to the extent the date is knowable;

(B)a list of every entity that submits an access request for a reserve bank master account and services after enactment of this section (or that has submitted an access request that is pending on December 23, 2022), including whether, and the dates on which, a request—

(i)was submitted; and

(ii)was approved, rejected, pending, or withdrawn; and

(C)for each list described in subparagraph

(A)or (B), the type of entity that holds or submitted an access request for a reserve bank master account and services, including whether such entity is—

(i)an insured depository institution, as defined in section 1813 of this title;

(ii)an insured credit union, as defined in section 1752 of this title; or

(iii)a depository institution that is not an insured depository institution or an insured credit union.

(2)Updates Not less frequently than once every quarter, the Board shall update the database to add any new information required under paragraph (1).

(3)Deadline Not later than 180 days after December 23, 2022, the Board shall publish the database with the information required under paragraph (1).

(Dec. 23, 1913, ch. 6, § 11C, as added Pub. L. 117–263, div. E, title LVII, § 5708, Dec. 23, 2022, 136 Stat. 3419.)

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