{"identifier":"/us/usc/t12/s248c","title":12,"num":"\u00a7\u202f248c.","heading":"Master account and services database","text":"\u00a7\u202f248c.\nMaster account and services database\n(a)\nDefinitions\nIn this section:\n(1)\nAccess request\nThe term \u201caccess request\u201d means a request to a Federal reserve bank for access to a reserve bank master account and services, including any written documentation or formal indication that an entity intends to seek access to a reserve bank master account and services.\n(2)\nOfficial accountholder\nThe term \u201cofficial accountholder\u201d means\u2014\n(A) a foreign state, as defined in\nsection 632 of this title\n(B) a central bank, as defined in\nsection 632 of this title\n(C) a public international organization entitled to enjoy privileges, exemptions, and immunities as an international organization under the International Organizations Immunities Act (\n22 U.S.C. 288\n(D) any governmental entity for which the Secretary of the Treasury has directed a Federal reserve bank to receive deposits as fiscal agent of the United States under\nsection 391 of this title\n(3)\nReserve bank master account and services\nThe term \u201creserve bank master account and services\u201d means an account in which a Federal reserve bank\u2014\n(A) receives deposits for an entity other than an official accountholder; or\n(B) provides any service under\nsection 248a(b) of this title\n(b)\nPublishing master account and access information\n(1)\nOnline database\nThe Board shall create and maintain a public, online, and searchable database that contains\u2014\n(A) a list of every entity that currently has access to a reserve bank master account and services, including the date on which the access was granted to the extent the date is knowable;\n(B) a list of every entity that submits an access request for a reserve bank master account and services after enactment of this section (or that has submitted an access request that is pending on\n(i) was submitted; and\n(ii) was approved, rejected, pending, or withdrawn; and\n(C) for each list described in subparagraph (A) or (B), the type of entity that holds or submitted an access request for a reserve bank master account and services, including whether such entity is\u2014\n(i) an insured depository institution, as defined in\nsection 1813 of this title\n(ii) an insured credit union, as defined in\nsection 1752 of this title\n(iii) a depository institution that is not an insured depository institution or an insured credit union.\n(2)\nUpdates\nNot less frequently than once every quarter, the Board shall update the database to add any new information required under paragraph (1).\n(3)\nDeadline\nNot later than 180 days after\nDecember 23, 2022","url":"https://projectusc.org/usc/t12/s248c.html","content":[{"t":"sec","id":"/us/usc/t12/s248c","children":[{"t":"num","text":"\u00a7\u202f248c."},{"t":"heading","text":"Master account and services database"},{"t":"subsec","id":"/us/usc/t12/s248c/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Definitions"},{"t":"chapeau","text":"In this section:"},{"t":"para","id":"/us/usc/t12/s248c/a/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Access request"},{"t":"content","children":[{"t":"p","text":"The term \u201caccess request\u201d means a request to a Federal reserve bank for access to a reserve bank master account and services, including any written documentation or formal indication that an entity intends to seek access to a reserve bank master account and services.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s248c/a/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Official accountholder"},{"t":"chapeau","text":"The term \u201cofficial accountholder\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t12/s248c/a/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" a foreign state, as defined in ","children":[{"t":"ref","text":"section 632 of this title","href":"/us/usc/t12/s632","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s248c/a/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" a central bank, as defined in ","children":[{"t":"ref","text":"section 632 of this title","href":"/us/usc/t12/s632","tail":", other than a commercial bank;"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s248c/a/2/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" a public international organization entitled to enjoy privileges, exemptions, and immunities as an international organization under the International Organizations Immunities Act (","children":[{"t":"ref","text":"22 U.S.C. 288","href":"/us/usc/t22/s288","tail":" et seq.); and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s248c/a/2/D","children":[{"t":"num","text":"(D)"},{"t":"content","text":" any governmental entity for which the Secretary of the Treasury has directed a Federal reserve bank to receive deposits as fiscal agent of the United States under ","children":[{"t":"ref","text":"section 391 of this title","href":"/us/usc/t12/s391","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s248c/a/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Reserve bank master account and services"},{"t":"chapeau","text":"The term \u201creserve bank master account and services\u201d means an account in which a Federal reserve bank\u2014"},{"t":"subpara","id":"/us/usc/t12/s248c/a/3/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" receives deposits for an entity other than an official accountholder; or","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s248c/a/3/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" provides any service under ","children":[{"t":"ref","text":"section 248a(b) of this title","href":"/us/usc/t12/s248a/b","tail":" to an entity other than an official accountholder."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s248c/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Publishing master account and access information"},{"t":"para","id":"/us/usc/t12/s248c/b/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Online database"},{"t":"chapeau","text":"The Board shall create and maintain a public, online, and searchable database that contains\u2014"},{"t":"subpara","id":"/us/usc/t12/s248c/b/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" a list of every entity that currently has access to a reserve bank master account and services, including the date on which the access was granted to the extent the date is knowable;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s248c/b/1/B","children":[{"t":"num","text":"(B)"},{"t":"chapeau","text":" a list of every entity that submits an access request for a reserve bank master account and services after enactment of this section (or that has submitted an access request that is pending on ","children":[{"t":"text","text":"December 23, 2022","tail":"), including whether, and the dates on which, a request\u2014"}]},{"t":"clause","id":"/us/usc/t12/s248c/b/1/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" was submitted; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s248c/b/1/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" was approved, rejected, pending, or withdrawn; and","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s248c/b/1/C","children":[{"t":"num","text":"(C)"},{"t":"chapeau","text":" for each list described in subparagraph (A) or (B), the type of entity that holds or submitted an access request for a reserve bank master account and services, including whether such entity is\u2014"},{"t":"clause","id":"/us/usc/t12/s248c/b/1/C/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" an insured depository institution, as defined in ","children":[{"t":"ref","text":"section 1813 of this title","href":"/us/usc/t12/s1813","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s248c/b/1/C/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" an insured credit union, as defined in ","children":[{"t":"ref","text":"section 1752 of this title","href":"/us/usc/t12/s1752","tail":"; or"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s248c/b/1/C/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" a depository institution that is not an insured depository institution or an insured credit union.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s248c/b/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Updates"},{"t":"content","children":[{"t":"p","text":"Not less frequently than once every quarter, the Board shall update the database to add any new information required under paragraph (1).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s248c/b/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Deadline"},{"t":"content","children":[{"t":"p","text":"Not later than 180 days after ","children":[{"t":"text","text":"December 23, 2022","tail":", the Board shall publish the database with the information required under paragraph (1)."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}