Custodia Bank Renews Push for Fed ‘Master Account’ After Rejection

“Confronted with discovery requests to the Kansas City Fed and a looming deadline for the Board to produce an administrative record that would have revealed the Board’s control over the Kansas City’s Fed’s decision-making process, Defendants tried to moot the litigation. On January 27, 2023, in a coordinated maneuver orchestrated by the Board in consultation with the White House and leaked to reporters by Board officials the day before it occurred, the Kansas City Fed reported the denial of Custodia’s master account application immediately after the Board denied Custodia’s membership application,” Friday’s filing claimed.