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U.S. Fed proposes tiered system for reviewing master account applications -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – An eagle flies above the facade of Washington’s U.S. Federal Reserve Building, July 31, 2013. REUTERS/Jonathan Ernst

WASHINGTON, (Reuters) – The U.S. Federal Reserve proposed Tuesday a tiered approach to reviewing master accounts applications. This was part of an attempt to guarantee “transparent” and consistent review.

This proposal will streamline the review process for federally insured institutions seeking these accounts. However, stricter review will be given to firms not covered by bank regulators.

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