Federal ReserveLicensingMay 26, 2026

Fed Proposes New Framework for Special-Purpose Payment Accounts and Pauses Tier 3 Applications

The Federal Reserve is proposing a new Part IV to its Payment System Risk Policy to accommodate special-purpose Payment Accounts and is updating its Account Access Guidelines accordingly. Critically, the Fed is encouraging Reserve Banks to pause decisions on Tier 3 account requests—the category most likely to include fintechs, crypto firms, and non-depository payment companies—until this policy development is complete. Any institution currently in the Fed master account queue under Tier 3 should be aware their application may be on hold.

What to do

Determine whether your institution's pending or planned Fed master account request falls under Tier 3 of the Account Access Guidelines, and monitor the Board's policy development process to prepare a timely comment or updated application strategy.

Who this affects

Payments CompanyFintech / NeobankTrust CompanyCrypto ExchangeCrypto CustodianOther

Does this affect your program?

Pick your institution type for an instant read on whether you're in scope — then see exactly which sections of your own policies this changes.

Source

Read the official publication

This radar entry is educational and does not constitute legal advice. Summaries are AI-assisted and grounded in the linked official source; always verify against the primary source and consult qualified legal counsel for jurisdiction-specific guidance.

Related developments

OCC

OCC Seeks Comments on GENIUS Act Stablecoin Issuer License Application Forms

The OCC is proposing a new information collection under the Paperwork Reduction Act to support the licensing and registration process for entities that want to issue payment stablecoins under the GENIUS Act. This is an early procedural step in building out the federal licensing framework for stablecoin issuers. Compliance officers at firms considering or already planning to issue payment stablecoins should monitor this closely, as the application requirements will shape what documentation and controls are needed.

SEC

SEC Approves Options Listing Rules for Multi-Crypto Asset Trust Products

The SEC has granted accelerated approval to MEMX LLC's rule change establishing listing criteria and withdrawal standards for options on commodity-based trusts that hold multiple crypto assets. This signals continued regulatory acceptance of listed derivatives tied to diversified crypto asset products. Broker-dealers and exchanges offering or planning to offer crypto-linked options products should take note of the new listing and delisting standards.

Federal Reserve

Fed Holds Civil Money Penalties Flat for 2026

The Federal Reserve has confirmed that its civil money penalty amounts will not increase for 2026, consistent with the Federal Civil Penalties Inflation Adjustment Act framework. While this is a status-quo outcome, compliance officers should note the current CMP ceiling remains in force and unchanged — meaning the cost calculus for any BSA/AML or other regulatory violations stays the same as the prior year.

Federal Reserve

Fed Proposes Updated AML/CFT Program Rules for Banks Under AML Act of 2020

The Federal Reserve is proposing to update AML/CFT program requirements for the banks it supervises, aligning with FinCEN's own proposed rulemaking and parallel proposals from the OCC, FDIC, and NCUA — all stemming from the Anti-Money Laundering Act of 2020. The rule would require supervised banks to maintain risk-based programs designed to identify, assess, and mitigate illicit finance risks and generate more useful information for law enforcement. Banks with crypto or fintech partnerships should pay close attention, as updated AML/CFT program standards will likely flow through to vendor and correspondent relationships.

Stay ahead of every rule change

PliOS monitors FinCEN, OCC, OFAC, the SEC and CFTC and tells you which of your policies each new rule affects — with the edit already drafted. Start free.

Run My Free Assessment