Washington, DC, July 14, 2021 – In response to the request for Request for Comment on Proposed Guidelines for Evaluating Account and Services Requests the FTA summitted a comment letter to the Federal Reserve:

The Financial Technology Association (FTA) appreciates this opportunity to respond to this request for comment issued by the Board of Governors of the Federal Reserve System (Board) on proposed guidelines (Account Access Guidelines) to evaluate requests for accounts and services at Federal Reserve Banks (Reserve Banks).

The Board’s thoughtful proposed guidelines serve the Board’s interest in addressing risks that all institutions might present to the Federal Reserve payments system and financial stability, and in supporting responsible financial innovation that benefits consumers with greater choice and improved product offerings. The FTA applauds the Board’s current engagement on this important topic and is confident that the result will be the further development of safe, resilient, and robust financial services for American consumers and small businesses.