Federal Reserve's Single Account Structure
The Riegle-Neal Interstate Banking Statute allows for increased activity across Federal Reserve District lines as well as across state lines. As a result, beginning in January 1998, the Federal Reserve System implemented a "single account structure" that enables an interstate bank with offices across District lines to maintain a single Reserve Bank account in the District where its head office is located. The Division of Banks has reviewed Massachusetts banking and trust law, statutes governing the investment of the Commonwealth's funds, and municipal finance laws. The Division has also consulted other agencies. The Massachusetts laws most applicable to this change are Mass. Gen. Laws ch. 167, 167D, 167G on bank and trust law provisions; ch. 29 §§ 34, 34A, and 38 on general funds of the Commonwealth; ch. 44 on municipal finance; and ch. 203 on trusts in general. It is the position of the Division that no statute conflicts with the Federal Reserve's new single account structure. Accordingly, no statutory amendments to the Massachusetts General Laws will be filed regarding the single account structure.
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