HomeInvestmentThe Fed and Reserve Trust Revisited

The Fed and Reserve Trust Revisited

Former Federal Reserve Governor Sarah Bloom Raskin in March withdrew her nomination for the central bank’s supervisory post. But the mystery deepens over how Colorado-based Reserve Trust—the fintech company on whose board she had sat—received a Fed master account.

Pennsylvania Sen. Pat Toomey on Wednesday sent a letter to Kansas City Fed President Esther George inquiring about the regional bank’s recent decision to revoke Reserve Trust’s master account. Reserve Trust was the first and apparently only non-bank fintech to receive a Fed master account, which allows an institution to seamlessly transfer money without bank partners.

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