Custodia Bank’s request to reconsider its membership in the Federal Reserve System has been denied by the Federal Reserve Board. Fed turns down Custodia’s application for membership in the U.S. Fed Custodia’s application for membership in the Fed was turned down by the Fed in January, approximately four years after it was submitted in 2019. Applicants are permitted by board rules to request a reconsideration of membership decisions. The Fed stated that Custodia had a management framework that was “insufficient” at the time of the rejection. Custodia stated that it wants to join the Federal Reserve System so that it can
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