On June 16, The Board of Governors of the Federal Reserve System (Federal Reserve) launched its Master Account and Services Database, providing a searchable database on which financial institutions have access to the Federal Reserve master accounts and financial services. A master account is an account in which a Federal Reserve bank receives deposits for a financial institution and provides services such as collecting checks and electronically transferring funds.
The database is comprised of two components:
- The Existing Access database consisting of financial institutions that either have a master account or settle transactions in the master account of a third-party depository institution; and
- The Access Requests database consisting of financial institutions that either requested access to master accounts and financial services after December 23, 2022 or had a request that was pending on that day, along with the status of those requests.
The Federal Reserve’s launch of the databases is consistent with a 2023 National Defense Authorization Act requirement. The databases will be updated on a quarterly basis.