The Financial Technology Association (FTA) submitted a comment letter in response to the Federal Reserve Board’s supplemental request on proposed guidelines for access to master accounts and services. In the letter, FTA supported the Federal Reserve Board’s effort to clarify its approach to reviewing the application of banking entities for account access but urged the Board to avoid an overly rigid approach that deters new market entrants. FTA also called on the Federal Reserve Board to expand access to its services for technology-based payments companies, arguing that doing so would increase innovation and competition and lower costs for consumers.
Click here to access the full version of FTA’s letter.