“Collectively, we just got screwed again, and I bet most people didn’t even know it. It happens so many times, particularly at the hands of the Federal Reserve, it’s hard to keep track.
A new bank called The Narrow Bank, or TNB, recently applied for an account with the Fed.
This would give the bank recognition by a local reserve bank, in this case New York, and access to its services, like distribution of currency, check processing and other forms of electronic payments.
The application is short, and TNB checked all the right boxes.
The Fed normally approves applications within a week. TNB’s application sat for a year. And then the Fed denied it for undisclosed procedural concerns, whatever that means.”
Article by Dent Research Team of Analysts, FXStreet.comRead Full Article