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Banco San Juan Internacional, Inc. v. The Federal Reserve Bank of New York et al
Case Number:
1:23-cv-06414
Court:
Nature of Suit:
Judge:
Firms
Companies
Sectors & Industries:
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October 30, 2023
NY Judge Says Fed Master Accounts Are Privilege, Not A Right
A Manhattan federal judge has ruled banks don't have a statutory right to so-called Federal Reserve master accounts, rejecting a Puerto Rico bank's last-ditch effort to stave off the closure of its master account at the Fed's New York arm and teeing off an immediate appeal.
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July 27, 2023
Puerto Rico Bank Seeks To Halt Closure Of Master Account
A Puerto Rico bank has filed suit in New York federal court to block the closure of its Federal Reserve master account, saying the closure would be a "death knell" for its business if allowed to proceed.