Request for Information and Comment on Reserve Bank Payment Account Prototype, 90 FR 60096, FR Doc 2025-23712
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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.
60096 Federal Register / Vol. 90, No. 244 / Tuesday, December 23, 2025 / Notices
Filed Date: 12/16/25. Parties: CMA CGM S.A.; COSCO Federal Reserve accounts or services
Accession Number: 20251216–5337. SHIPPING Lines Co. Ltd.; Ocean (accounts and services) under the
Comment Date: 5 p.m. ET 12/26/25. Network Express Pte. Ltd.; and Orient Federal Reserve Act would be eligible to
The filings are accessible in the Overseas Container Line Limited and request a Payment Account from a
Commission’s eLibrary system (https:// OOCL (Europe) Limited (acting as a Reserve Bank. The Payment Account
elibrary.ferc.gov/idmws/search/ single party). protype does not seek to expand or
fercgensearch.asp) by querying the Filing Party: Joshua Stein, Cozen otherwise change legal eligibility for
docket number. O’Connor. access to accounts and services.
Any person desiring to intervene, to Synopsis: The Amendment would add DATES: Comments must be received on
protest, or to answer a complaint in any France and Canada to the geographic or before February 6, 2026.
of the above proceedings must file in scope of the agreement. ADDRESSES: You may submit comments,
accordance with Rules 211, 214, or 206 Proposed Effective Date: 1/26/2026. identified by Docket No. OP–1877 by
of the Commission’s Regulations (18 Location: https://www2.fmc.gov/ any of the following methods:
CFR 385.211, 385.214, or 385.206) on or FMC.Agreements.Web/Public/ • Agency Website: https://
before 5:00 p.m. Eastern time on the AgreementHistory/88593. www.federalreserve.gov/apps/
specified comment date. Protests may be Agreement No.: 201461. proposals/. Follow the instructions for
considered, but intervention is Agreement Name: Maersk/CMA Space submitting comments, including
necessary to become a party to the Charter Agreement. attachments. Preferred Method.
proceeding. Parties: CMA CGM S.A.; Maersk A/S. • Mail: Benjamin W. McDonough,
eFiling is encouraged. More detailed Filing Party: Wayne Rohde, Cozen Deputy Secretary, Board of Governors of
information relating to filing O’Connor. the Federal Reserve System, 20th Street
requirements, interventions, protests, Synopsis: The Agreement would and Constitution Avenue NW,
service, and qualifying facilities filings authorize Maersk to charter space to Washington, DC 20551.
can be found at: http://www.ferc.gov/ CMA CGM in the trades between the • Hand Delivery/Courier: Same as
docs-filing/efiling/filing-req.pdf. For U.S. East Coast, on the one hand, and mailing address.
other information, call (866) 208–3676 Australia, New Zealand, Colombia and • Other Means: publiccomments@
(toll free). For TTY, call (202) 502–8659. Panama, on the other hand. frb.gov. You must include the docket
For public inquiries and assistance Proposed Effective Date: 2/1/2026. number in the subject line of the
with making filings such as Location: https://www2.fmc.gov/ message.
interventions, comments, or requests for FMC.Agreements.Web/Public/ Comments received are subject to
rehearing, contact the Office of Public AgreementHistory/89637. public disclosure. In general, comments
Participation at (202) 502–6595 or OPP@ received will be made available on the
Dated: December 19, 2025.
ferc.gov. Board’s website at https://
Jennifer Everling,
Dated: December 18, 2025. www.federalreserve.gov/apps/
Assistant Secretary.
Carlos D. Clay, proposals/ without change and will not
[FR Doc. 2025–23714 Filed 12–22–25; 8:45 am]
Deputy Secretary. be modified to remove personal or
BILLING CODE 6730–02–P
[FR Doc. 2025–23701 Filed 12–22–25; 8:45 am] business information including
BILLING CODE 6717–01–P confidential, contact, or other
identifying information. Comments
FEDERAL RESERVE SYSTEM should not include any information
FEDERAL MARITIME COMMISSION [Docket No. OP–1877] such as confidential information that
would be not appropriate for public
Notice of Agreements Filed Request for Information and Comment disclosure. Public comments may also
on Reserve Bank Payment Account be viewed electronically or in person in
The Commission hereby gives notice Prototype Room M–4365A, 2001 C St. NW,
of filing of the following agreements
AGENCY: Board of Governors of the
Washington, DC 20551, between 9 a.m.
under the Shipping Act of 1984.
Federal Reserve System. and 5 p.m. during Federal business
Interested parties may submit
weekdays.
comments, relevant information, or ACTION: Request for information and
documents regarding the agreement to comment. FOR FURTHER INFORMATION CONTACT:
the Secretary by email at Secretary@ Jason Hinkle, Associate Director, Zineb
fmc.gov, or by mail, Federal Maritime SUMMARY: The Board of Governors of the York, Manager, or Maggie Bota, Senior
Commission, 800 North Capitol Street, Federal Reserve System (Board) seeks Financial Institution Policy Analyst,
Washington, DC 20573. Comments will public input on a special purpose Division of Reserve Bank Operations
be most helpful to the Commission if Reserve Bank account prototype (a and Payment Systems; Matthew Malloy,
received within 12 days of the date this Payment Account) tailored to the risks Chief, Division of Monetary Affairs, or
notice appears in the Federal Register, and needs of institutions focused on Corinne Milliken Van Ness, Senior
and the Commission requests that payments innovation. A Payment Counsel, Legal Division, Board of the
comments be submitted within 7 days Account holder would be expected to Federal Reserve System: (202) 452–
on agreements that request expedited use its account for the express purpose 3000. For users of text telephone
review. Copies of agreements are of clearing and settling the institution’s systems (TTY) or any TTY-based
khammond on DSK9W7S144PROD with NOTICES
available through the Commission’s payment activity. Payment Accounts Telecommunications Relay Services,
website (www.fmc.gov) or by contacting would be designed to pose limited risk please call 711 from any telephone,
the Office of General Counsel at (202)– to the Federal Reserve Banks (Reserve anywhere in the United States.
523–5740 or [email protected]. Banks) and the overall payment system, SUPPLEMENTARY INFORMATION:
Agreement No.: 201447–001. and Reserve Banks would generally
Agreement Name: CMA CGM/ conduct a streamlined review of I. Background
COSCO/ONE/OOCL MED–USEC Vessel requests for these accounts. Any The payments landscape continues to
Sharing Agreement. institution that is legally eligible for evolve rapidly as technological progress,
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Federal Register / Vol. 90, No. 244 / Tuesday, December 23, 2025 / Notices 60097
statutory developments, and other needs while mitigating material risks Account), which generally does not
factors drive the introduction of identified in the Guidelines. have a limit imposed on overnight
innovative approaches to banking balances.6 7 The Board would explore
II. Payment Account Prototype
functions. These innovations necessitate reporting the balances maintained in
adaptation throughout the financial The Board is requesting feedback on Payment Accounts separate from
sector, including the institutions and a Payment Account prototype. In balances maintained in Master Accounts
infrastructure that support a safe and designing the Payment Account on the Reserve Banks’ financial
efficient payment system. prototype, the Board has considered the reporting. The Reserve Banks would
On August 15, 2022, after a public risks identified in the Guidelines (i.e., retain their discretion to impose
comment process, the Board adopted risks to the Reserve Banks, to the overall additional restrictions and risk controls
guidelines (Account Access Guidelines payment system, to financial stability, to on a Payment Account on a case-by-case
or Guidelines) for Reserve Banks to the overall economy as a result of illicit basis.
utilize in evaluating requests for access activities, and to the implementation of
monetary policy). In addition, the Board B. Eligibility
to accounts and services (access
requests). The Guidelines establish a considered features that could limit a. Any institution that satisfies the
transparent, risk-based, and consistent Payment Accounts’ impact on the legal eligibility requirements for an
set of factors for Reserve Banks to use Federal Reserve’s balance sheet. As account under the Federal Reserve Act
in reviewing access requests from explained further below, Payment would be eligible to request a Payment
legally-eligible institutions.1 2 3 The Accounts would be subject to a common Account. Generally, institutions would
Guidelines incorporate a tiering set of risk-mitigating features. For be limited to maintaining one account
framework under which access requests example, to reduce credit risk to the with a Reserve Bank, either a Payment
from certain types of entities (e.g., non- Reserve Banks, a Payment Account Account or a Master Account.8 The
federally insured institutions) are holder would only have access to Payment Account prototype would not
subject to greater due diligence and Federal Reserve payment services that make any changes to legal eligibility for
have automated controls to prevent the access to accounts and services.
scrutiny than access requests from other
accountholder from incurring an
types of entities (e.g., federally-insured C. Overnight Balance Limit
overdraft. In addition, a Payment
institutions).
Account holder would not be eligible a. A Payment Account would be
Over the last three years, the business
for discount window access. The subject to an overnight balance limit,
models of institutions submitting access
Reserve Banks would retain their meaning that a Payment Account holder
requests have continued to evolve. For
discretion to impose additional would need to reduce the balance of the
example, several institutions have restrictions and risk controls on a
explained that they are interested in account below a specified limit at the
Payment Account on a case-by-case Federal Reserve’s close of business.9
access to accounts and services in order basis.
to reduce costs to their customers while During the Federal Reserve business
A Payment Account would be day, a Payment Account holder would
increasing payment processing speed, separate and distinct from a full-service
often through new technologies. Some be allowed to maintain a balance in a
Reserve Bank master account (Master Payment Account above the overnight
of these institutions have requested Account).4 If the Federal Reserve
either a state or federal banking charter limit to fund payments settling in the
decides that the Reserve Banks will offer account. The Reserve Banks would
and a few have initiated requests for a Payment Account, the Board would
Reserve Bank accounts and services. establish a compliance program to
propose necessary changes to existing enforce the overnight balance limit,
Over the same period, many eligible guidance and regulations, including the
uninsured institutions have requested or which could include, among other
Guidelines and Regulation D. options, counseling, penalty fees, and
expressed interest in requesting a master
account and have expressed concern III. Payment Account Term Sheet service restrictions.
about the length of time that Reserve i. The Board is considering setting the
A. Account Description overnight balance limit at the lesser of
Banks take to review their access
a. A Payment Account would be a $500 million or 10% of the Payment
requests and the likelihood of denial.
special purpose account with a Reserve Account holder’s total assets.10
Institutions focused primarily on
Bank that holds limited overnight ii. The Reserve Bank could have the
payment activities may only desire
balances of a legally-eligible institution ability to adjust the overnight balance
access to a subset of Federal Reserve
for the express purpose of clearing and limit, temporarily or permanently, on a
services through a Reserve Bank
settling the institution’s payments.5 The
account. While recognizing that
Reserve Bank would permit a Payment 6 As with existing Master Accounts, overnight
decisions on access requests are made at overdrafts would not be permitted in Payment
Account holder to maintain only a
the discretion of the individual Reserve limited balance in the account at the Accounts.
Banks, the Board is exploring whether a close of business; these end-of-day
7 A Payment Account would be a separate and
tailored, special purpose Payment distinct type of account from a Reserve Bank Joint
balances would be intended only to Account.
Account could meet these institutions’ provide liquidity for payment activity at 8 A Payment Account holder would not be
the beginning of the next business day. eligible to be a participant in an Excess Balance
1 87 FR 51099 (Aug. 19, 2022). Account.
2 Information on the Federal Reserve Banks’
A Payment Account would be a separate 9 The business day of Federal Reserve Financial
and distinct type of account from a
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financial services, including a list of such services, Services is defined in the Federal Reserve Policy on
can be found at https://www.frbservices.org. Reserve Bank master account (a Master Payment System Risk and begins immediately after
3 The Guidelines do not apply to accounts the close of business of the Fedwire Funds Service
provided under fiscal agency authority or to 4 Some of the Payment Account features and risk on days when the Fedwire Funds Service is open
accounts authorized pursuant to the Board’s controls could be the same as utilized for a Master and the close of the FedNow Service on all other
Regulation N (12 CFR part 214), joint account Account and are included in this document for days (which, in both cases, is generally 7:00 p.m.
requests, or account requests from designated completeness. ET).
financial market utilities, since existing rules or 5 A Payment Account would be technology- 10 The institution’s total assets would be
policies already set out the considerations involved agnostic and would not be designed to promote any determined by its most recent report to its primary
in granting these types of accounts. particular payment product or service. banking regulator or equivalent.
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60098 Federal Register / Vol. 90, No. 244 / Tuesday, December 23, 2025 / Notices
case-by-case basis. In some cases, the b. This feature would be intended to intended to reduce the range of risks a
Reserve Bank would be expected to reduce the credit risk that a Payment Payment Account could pose to the
consult with the Board on such an Account could pose to the Reserve Reserve Bank and the overall payment
adjustment. Bank. Limiting Payment Accounts to system.
b. As noted above, a Payment Account these services would reduce credit risk b. In addition, consistent with the
would be designed only to facilitate the to the Reserve Banks since each of these Reserve Banks’ current practice for
clearing and settlement of the Payment services have automated solutions that Master Accounts, the Reserve Banks
Account holder’s payment activity, and can reject transactions that would cause would not recognize third-party
this feature would be intended to daylight overdrafts. As noted above, interests in Payment Accounts. Like
encourage a Payment Account holder to Payment Account holders would not be Master Account balances, the Reserve
limit overnight balances in their permitted to incur daylight overdrafts. Banks would treat all balances in a
account. Payment Account solely as obligations
H. Services Not Available to the account holder.
D. No Interest on Overnight Balances a. Any services not listed above
(collectively, the excluded services) J. Other Risk Controls
a. A Payment Account holder would
not receive interest on balances held at would not be available in connection a. In addition to the foregoing risk
a Reserve Bank. with a Payment Account, including: mitigants, the Reserve Banks would
b. As noted above, a Payment Account i. FedACH® Services; apply the following risk controls to a
would be designed only to facilitate the ii. Check Services; Payment Account: 16
clearing and settlement of the Payment iii. FedCash®; and i. Outgoing transactions that would
Account holder’s payment activity. This iv. The Fedwire® Securities Service result in an overdraft in the account
feature, along with the overnight for Transfer Against Payment.14 would be rejected. This feature is
b. This feature would be intended to intended to reduce the potential credit
balance limit, would be intended to
reduce the credit risk that a Payment risk a Payment Account could pose to
encourage a Payment Account holder to
Account could pose to the Reserve the Reserve Bank. As noted above,
limit overnight balances in their
Bank. These services would not be Payment Account holders would not be
account.
available because they do not currently permitted to incur daylight overdrafts.
E. No Access to the Discount Window have automated solutions that can reject b. The Board is exploring additional
a. A Payment Account holder would transactions that would cause daylight risk controls and conditions for a
not be permitted to access credit from overdrafts. As noted above, Payment Payment Account. These controls could
the discount window. Account holders would not be take the form of, among other things,
b. This feature would be intended to permitted to incur daylight overdrafts. account agreement conditions,
reduce the credit risk that a Payment I. Account Usage Restrictions attestation requirements, consent to
Account holder could pose to the reviews, or periodic reporting
a. A Payment Account would be requirements. These controls could
Reserve Bank. designed as a special purpose account cover areas of risks to the Reserve Bank
F. No Access to Reserve Bank Intraday for the express purpose of clearing and and payment system (such as
Credit settling the institution’s payment operational or cyber risks), or risks
activity. Accordingly, a Payment associated with illicit financing (such as
a. A Reserve Bank provides intraday
Account holder would not be permitted Anti-Money Laundering (AML) risk
credit, also known as a daylight
to act as a correspondent bank, and a mitigation).
overdraft, when an institution’s Federal
Payment Account could not be used to
Reserve account is in a negative position K. Payment Account Request Process
settle transactions for respondent
during the business day. An institution
institutions.15 This feature would be a. An eligible institution would
with a Payment Account would not be
permitted to incur daylight overdrafts. request a Payment Account from the
debit or a credit to a Master Account other than a relevant Reserve Bank. The relevant
Payments would need to be prefunded transaction fee. Free transfers are commonly
and as noted below, payments that referred to as transfers free of payment.
Reserve Bank would have the discretion
would cause an overdraft in a Payment 13 ‘‘Fedwire’’ and ‘‘FedNow’’ are service marks of to approve or deny the request. Similar
Account would be rejected. the Federal Reserve Banks. A list of marks related to requests for Master Accounts, Reserve
b. This feature would be intended to
to financial services products that are offered to Banks would be expected to review a
financial institutions by the Federal Reserve Banks request for a Payment Account under
reduce the credit risk that a Payment is available at https://www.frbservices.org.
Account could pose to the Reserve 14 Transfer Against Payment, as defined in the the Guidelines.
Reserve Banks’ Operating Circular 7 (Fedwire b. Consistent with a Payment
Bank.
Securities Service), is a transfer that is affected with Account’s lower risk profile, the Board
G. Services Available a credit to the account of the sender and a debit to anticipates that a request for a Payment
the account of the receiver for the amount of the Account would generally receive a more
a. The following services (collectively, payment.
the permitted services) would be 15 A Correspondent is a financial institution: (1) streamlined review than a request for a
available for an institution to request to that has authorized a Reserve Bank to settle Debit Master Account from a comparable
settle in a Payment Account: 11 and Credit Transaction Activity to its Master institution. As a result, a Reserve Bank
Account for a Respondent or for any financial would generally be expected to
i. The Fedwire® Funds Service; institution for which the Respondent acts as
ii. The National Settlement Service; Correspondent; or (2) that maintains required
complete its review of an institution’s
iii. The FedNow® Service; and request for a Payment Account within
khammond on DSK9W7S144PROD with NOTICES
reserve balances for one or more financial
iv. The Fedwire® Securities Service institutions in its Master Account. See Section 2.2 90 calendar days of receiving all
of Operating Circular (OC) 1. A Respondent is: (1) documentation requested by the Reserve
for Free Transfers only.12 13 a financial institution that settles Debit and Credit
Transaction Activity for some or all its Reserve
Bank.17
11 A description of the Federal Reserve payment
Bank transactions in the Master Account of a
services is available at www.frbservices.org. 16 Some of these risk controls may also apply to
Correspondent; or (2) a financial institution that
12 Free Transfers, as defined in the Reserve Banks’ maintains its required reserve balances in the Master Accounts.
Operating Circular 7 (Fedwire Securities Service), Master Account of a Correspondent. See Section 2.2 17 Additional due diligence may be required in
are transfers of securities that do not result in a of OC 1. some circumstances, which could require a
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Federal Register / Vol. 90, No. 244 / Tuesday, December 23, 2025 / Notices 60099
c. As noted above, the Reserve Banks FEDERAL RESERVE SYSTEM Peoples Bank of East Tennessee, both of
would retain their discretion to impose Madisonville, Tennessee.
additional restrictions and risk controls Change in Bank Control Notices; B. Federal Reserve Bank of Kansas
on a Payment Account on a case-by-case Acquisitions of Shares of a Bank or City (Jeffrey Imgarten, Assistant Vice
basis. Bank Holding Company President) 1 Memorial Drive, Kansas
City, Missouri 64198–0001. Comments
IV. Request for Information The notificants listed below have
can also be sent electronically to
applied under the Change in Bank
[email protected]:
The Board requests public input on Control Act (Act) (12 U.S.C. 1817(j)) and 1. Adam Duston Rainbolt Trust I;
all aspects of the Payment Account § 225.41 of the Board’s Regulation Y (12 Jacob Patrick Rainbolt Trust I; and
prototype, and in particular the Board CFR 225.41) to acquire shares of a bank Samuel Johnson Rainbolt Trust I, all of
seeks responses to the following or bank holding company. The factors Oklahoma City, Oklahoma; David E.
questions: that are considered in acting on the Rainbolt as trustee and trust supervisor,
applications are set forth in paragraph 7 and Dana Kim Rainbolt as trust
1. Would the design of the Payment
of the Act (12 U.S.C. 1817(j)(7)). supervisor, all of Oklahoma City,
Account prototype support payment The public portions of the
activities of eligible institutions? Oklahoma; Dana Kim Rainbolt
applications listed below, as well as Revocable Trust, Oklahoma City,
2. What payment activities or use other related filings required by the Oklahoma, David E. Rainbolt and Dana
cases would a Payment Account best Board, if any, are available for Kim Rainbolt as co-trustees and trust
facilitate (or be unable to facilitate)? immediate inspection at the Federal supervisors, Samuel Johnson Rainbolt
3. What barriers to innovation in Reserve Bank(s) indicated below and at and Jacob Patrick Rainbolt as trust
payments would a Payment Account the offices of the Board of Governors. supervisors, all of Oklahoma City,
eliminate or alleviate? This information may also be obtained Oklahoma; to become members of the
on an expedited basis, upon request, by Rainbolt Family Control Group, a group
4. Would the design of the Payment contacting the appropriate Federal
Account prototype potentially increase acting in concert, to retain voting shares
Reserve Bank and from the Board’s of BancFirst Corporation, Oklahoma
the range of risks to the payment system Freedom of Information Office at
identified in the Guidelines? If so, in City, Oklahoma, and thereby indirectly
https://www.federalreserve.gov/foia/ retain voting shares of BancFirst,
what ways? request.htm. Interested persons may Oklahoma City, Oklahoma; Pegasus
5. What are the benefits and express their views in writing on the Bank, Dallas, Texas; Worthington Bank,
challenges of imposing an overnight standards enumerated in paragraph 7 of Arlington, Texas; and American Bank of
balance limit on a Payment Account? the Act. Oklahoma, Collinsville, Oklahoma.
Are there adjustments to the proposed Comments received are subject to
public disclosure. In general, comments Board of Governors of the Federal Reserve
formula for setting the balance limit that System.
received will be made available without
the Board should consider if it decides Michele Taylor Fennell,
change and will not be modified to
to establish a Payment Account? Associate Secretary of the Board.
remove personal or business
6. What are the benefits and information including confidential, [FR Doc. 2025–23715 Filed 12–22–25; 8:45 am]
drawbacks of paying no interest on contact, or other identifying BILLING CODE 6210–01–P
overnight balances in a Payment information. Comments should not
Account? include any information such as
7. How might the Federal Reserve confidential information that would not FEDERAL TRADE COMMISSION
condition access to a Payment Account be appropriate for public disclosure.
[File No. 241 0081]
on the applicant having an acceptable Comments regarding each of these
applications must be received at the Adamas Amenity Services LLC, et al.;
AML, Bank Secrecy Act (BSA) and
Reserve Bank indicated or the offices of Analysis of Agreement Containing
Countering the Financing of Terrorism
the Board of Governors, Benjamin W. Consent Order To Aid Public Comment
(CFT) compliance programs and, more
McDonough, Deputy Secretary of the
generally, how can the Federal Reserve Board, 20th Street and Constitution AGENCY: Federal Trade Commission.
best constrain AML/BSA/CFT risks Avenue NW, Washington, DC 20551– ACTION: Proposed consent agreement;
associated with a Payment Account? 0001, not later than January 7, 2026. request for comment.
8. Are there additional features or A. Federal Reserve Bank of Atlanta
limits that the Board should consider in (Erien O. Terry, Assistant Vice SUMMARY: The consent agreement in this
the design of the Payment Account President) 1000 Peachtree Street NE, matter settles alleged violations of
prototype? Atlanta, Georgia 30309. Comments can Federal law prohibiting unfair methods
also be sent electronically to of competition. The attached Analysis of
By order of the Board of Governors of the Agreement Containing Consent Order to
[email protected]:
Federal Reserve System. Aid Public Comment describes both the
1. Delmar A. Benton, Sharon Benton,
Benjamin W. McDonough, Sara Jane Frerichs, and BD and Merle allegations in the complaint and the
Deputy Secretary of the Board. Benton Trust, Delmar A. Benton as terms of the consent order—embodied
[FR Doc. 2025–23712 Filed 12–22–25; 8:45 am] trustee, all of Madisonville, Tennessee; in the consent agreement—that would
settle these allegations.
khammond on DSK9W7S144PROD with NOTICES
BILLING CODE 6210–01–P Darrell A. Benton, Meghan N. Benton,
Elizabeth Sharon Benton, Sally Suzanne DATES: Comments must be received on
Benton, and Nancy F. Garza, all of or before January 22, 2026.
moderate amount of additional time for the Reserve
Maryville, Tennessee; to form the ADDRESSES: Interested parties may file
Bank to review the request, and the Reserve Bank
would be expected to consult with the Board on
Benton Family Control Group, a group comments online or on paper by
such an adjustment. The Board may set a limit on acting in concert, to retain voting shares following the instructions in the
the additional review time. Thus, the 90-day review of Peoples Bancshares, of TN, Inc., and Request for Comment part of the
might be extended in some cases. thereby indirectly retain voting shares of SUPPLEMENTARY INFORMATION section
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