Proposed "payment account"; Reserve Banks asked to pause Tier 3 access decisions
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Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.
Federal Reserve Board - Federal Reserve Board requests public comment on a proposal to establish a "payment account," which legally eligible financial institutions could use for the specific purpose of clearing and settling their payments
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May 20, 2026
Federal Reserve Board requests public comment on a proposal to establish a "payment account," which legally eligible financial institutions could use for the specific purpose of clearing and settling their payments
For release at 4:00 p.m. EDT
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Following earlier public input, the Federal Reserve Board on Wednesday requested public comment on a proposal to establish a "payment account," which legally eligible financial institutions could use for the specific purpose of clearing and settling their payments.
As the payments landscape rapidly evolves, financial institutions with an increasingly wide range of business models have sought direct access to the Federal Reserve's payment services to reduce costs and increase payment speed. Many of these requests for access come from institutions that are not federally insured. The proposed payment account would be tailored to support innovation by serving the clearing and settlement needs of certain eligible institutions while also mitigating material risks to the Reserve Banks and payment system. By law, requests for access to Federal Reserve accounts and payment services are decided by Reserve Banks.
The proposed payment account is substantially similar to the prototype outlined in the Board's request for information (RFI) issued in December 2025. Payment account holders would not have access to intraday credit or the discount window, would not earn interest on balances held at a Reserve Bank, and would only have access to payment services with automated controls to prevent overdrafts. The proposal would not expand or otherwise change legal eligibility for access to accounts or payments services from the Federal Reserve, and affirms that Reserve Banks would expect payment account holders to mitigate illicit finance risks.
The proposal does include some limited changes from the RFI, taking into account comments received. For example, closing balance limits would be based on an institution's expected payment activity and the maximum closing balance was increased.
To promote greater clarity and consistency, the Board is also encouraging Reserve Banks to temporarily pause decisions on access requests from institutions that fall within Tier 3 of the Board's Account Access Guidelines until the Board has completed its policy development process on the payment account proposal. The temporary pause will allow the Federal Reserve to solicit and consider public input on payment accounts and to promote consistent implementation.
The comment period will close 60 days after publication in the Federal Register.
For media inquiries, please email [email protected] or call (202) 452-2955.
Board Memo (PDF)
Proposed Payment Account Standard Terms (PDF)
Federal Register notice: Proposed Revisions to the Federal Reserve Policy on Payment System Risk and the Guidelines for Account and Services Requests*
Comments: Submit | View
Federal Register notice: Regulation D: Reserve Requirements of Depository Institutions
Comments: Submit | View
Federal Register notice: Regulation A: Extensions of Credit by Federal Reserve Banks
Comments: Submit | View
Statement by Governor Michael S. Barr
Statement by Governor Lisa D. Cook
*Note: On May 20, 2026, the attachment was updated to correct the language describing the requested pause on access decisions.
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