Federal Reserve proposes "skinny" payment accounts for crypto firms on May 20, 2026

On May 20, 2026, the Federal Reserve proposed creating limited payment accounts for eligible non-bank financial firms, including crypto and fintech companies, while setting strict limits on what those accounts can do. The draft would allow access to Fedwire Funds and FedNow, but not intraday credit, the discount window, interest on reserves, overdrafts, or FedACH, and it keeps eligibility tied to specific state or OCC national trust bank charters.