The Federal Reserve Board (Fed) released a notice of proposed rulemaking and solicited public comments on Wednesday, proposing to establish restrictive "skinny master accounts" for financial technology and crypto-related banks that meet legal requirements. The proposal aims to provide non-bank financial institutions with narrower payment pathway access, but these accounts will not have the backing support typical of traditional banks, limited to clearing and settlement functions, unable to earn interest, and unable to use central bank tools such as discount window or intraday credit. (Cointelegraph)