Aug 31

TNB Says Federal Reserve Bank of N.Y. Blocking its Business.

Category : Press

“TNB USA Inc. sued the Federal Reserve Bank of New York Friday seeking a court order forcing the organization to open a master account that the company says it needs to do business.

The company plans to take in deposits from “only the most financially secure institutions” and place them into a master account at the Federal Reserve Bank of New York, according to its complaint. That would enable TNB to earn higher interest rates than are currently available to non‐financial companies and consumers.” Download the full article below.

Article by Chris Dolmetsch and Liz Capo McCormick, Bloomberg News