Federal Reserve Governor Waller Introduces “Skinny” Master Account Concept and Signals Support for Payments Innovation

On October 21, 2025, Governor Christopher J. Waller of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) delivered opening remarks at the inaugural Payments Innovation Conference (the “Conference”). Governor Waller’s remarks included a discussion of the creation of a “skinny” master account to provide payment system innovators access to the Federal Reserve’s payment system without all of the features of a full-fledged master account….
By: Mayer Brown