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Custodia Bank Seeks En Banc Review of Fed's Master Account Denial

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Custodia Bank filed an en banc review petition with the Tenth Circuit on December 16, challenging the Fed’s denial of its master account application. The bank claims the ruling misinterprets the Monetary Control Act and infringes on state regulatory authority. Custodia argues the Fed’s stance hampers **risk-on assets** innovation and lacks transparency. The bank has waited 19 months for approval. It also raises constitutional concerns, including issues related to **Countering the Financing of Terrorism** regulations.
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