Breaking: Custodia Bank Files Appeal Stating Fed’s Law Violation & Dual Banking System
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Custodia Bank has filed an opening brief in the 10th Circuit Court of Appeals. They are challenging a Wyoming judge’s decision that granted the Federal Reserve the power to deny it a master account. Moreover, the brief urges the appeals court to instruct the Wyoming district court to revoke its denial and grant Custodia a master account.
Custodia Bank CEO Caitlin Long has hired two veteran Supreme Court attorneys for the lawsuit against Fed. Their arguments are focused on several key points, including violation of the dual banking system. Custodia Bank’s lawyers argue that the Fed’s authority to deny master accounts to state-chartered banks undermines the dual banking system.
