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.
