Custodia Bank lost the lawsuit against the Federal Reserve for rejecting the master account application

Custodia Bank lost the lawsuit against the Federal Reserve for rejecting the application for a master account, and the judge ruled that the Federal Reserve has the authority to decide whether to grant the master account. Wyoming District Judge Scott Skavdahl stated that federal law does not require the National Central Bank to allow every eligible depository institution to access its main account system, and the evidence provided does not indicate that the Federal Reserve Board has influenced a regional branch of the Federal Reserve to reject its account application.