Regulation A Discount Window Access & Payment Accounts

Current understanding

The Federal Reserve has proposed amending Regulation A (Extensions of Credit by Federal Reserve Banks) to explicitly exclude holders of the new ‘special-purpose Payment Account’ category from accessing discount window credit at Reserve Banks. The change complements the companion Regulation D proposal creating the Payment Account balance category, and clarifies that narrow-purpose payment entities (potentially including stablecoin issuers and similar special-purpose depository institutions) would not receive lender-of-last-resort access even if they hold master accounts. Status: proposed rule.

Evidence log

• 2026-05-26 — Regulation A: Extensions of Credit by Federal Reserve Banks: cross-connection with regulation-d-payment-accounts-iorb: The Regulation A and Regulation D amendments are a paired package defining the treatment of special-purpose Payment Accounts: Reg D denies IORB, Reg A denies discount window access. (novelty: 2)

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