In Custodia’s complaint, lawyers for the Wyoming-based bank argued that a master account was “vital to Custodia’s ability to operate effectively and efficiently,” and that the Fed’s continued waffling on the decision was detrimental to Custodia’s customers – and, furthermore, indicated a “black box bureaucratic process with no clear rules” that allowed it to “act in complete secrecy, whenever and however they choose.”
Republican Lawmakers File Amicus Brief in Support of Custodia Bank’s Legal Battle With the Federal Reserve
