The US Federal Reserve proposed a limited “skinny” payment account framework for fintech and crypto firms and called for a temporary pause on Tier 3 applications.
The US Federal Reserve proposed creating limited payment accounts that could give legally eligible fintech and crypto-linked banks narrower access to its payment rails without the backstops available to traditional banks.
The proposal was released on Wednesday through a Federal Reserve Board request for comment and notice of proposed rulemaking, referring to “skinny master accounts” for nonbank financial institutions.
The Fed also encouraged regional Reserve Banks to pause decisions on Tier 3 account-access requests while it finishes the rulemaking, a step staff said is expected to end by Dec. 31, 2026.
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