The Federal Reserve announced on Friday that it is seeking comments on the establishment of limited “payment accounts” for some financial institutions. According to reports, this type of account will allow these institutions to use the Federal Reserve's payment services for clearing and settlement, but they will not enjoy the broader benefits currently enjoyed by banks.

The Federal Reserve announced on Friday that it is seeking comments on the establishment of limited “payment accounts” for some financial institutions. According to reports, this type of account will allow these institutions to use the Federal Reserve's payment services for clearing and settlement, but they will not enjoy the broader benefits currently enjoyed by banks.