Julie Hill on the History and Recent Developments of Fed Master Accounts
Macro Musings with David Beckworth
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The New York Fed Handbook and Operating Circular One
The New York Fed was motivated by requests from offshore banks in Puerto Rico. They don't have deposit insurance and they typically don't accept deposits from Puerto Rican. So the New York Fed came up with their own document that said, when we get a novel account request from a bank that doesn't have Deposit Insurance, we're going to undertake some risk vetting. It might be that other Reserve banks had similar policies, but I was never able to uncover them.
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