Federal ReserveLicensingMay 26, 2026

Fed Proposes New Framework for Special-Purpose Payment Accounts and Pauses Tier 3 Applications

The Federal Reserve is proposing a new Part IV to its Payment System Risk Policy to accommodate special-purpose Payment Accounts and is updating its Account Access Guidelines accordingly. Critically, the Fed is encouraging Reserve Banks to pause decisions on Tier 3 account requests—the category most likely to include fintechs, crypto firms, and non-depository payment companies—until this policy development is complete. Any institution currently in the Fed master account queue under Tier 3 should be aware their application may be on hold.

What to do

Determine whether your institution's pending or planned Fed master account request falls under Tier 3 of the Account Access Guidelines, and monitor the Board's policy development process to prepare a timely comment or updated application strategy.

Who this affects

Payments CompanyFintech / NeobankTrust CompanyCrypto ExchangeCrypto CustodianOther

Does this affect your program?

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Source

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This radar entry is educational and does not constitute legal advice. Summaries are AI-assisted and grounded in the linked official source; always verify against the primary source and consult qualified legal counsel for jurisdiction-specific guidance.

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