Ripple’s Banking License Timeline According to Federal Reserve Documents
Main Idea
Federal Reserve documents reveal a defined 90-day review period for Ripple's banking license application, with potential extensions and emergency powers for fast-tracking approval.
Key Points
1. The Federal Reserve must act within 90 calendar days of public notice for a formal banking application, allowing time for public comment and internal review.
2. Approval conditions include three and six-month mandates for newly formed banks like Ripple, with possible extensions for good cause.
3. Emergency powers clause allows the Fed to fast-track Ripple’s charter approval if deemed necessary, given its global payment infrastructure partnerships.
4. Ripple’s launch could take up to nine months from initial notice, but emergency approval could shorten this timeline significantly.
Description
Ripple’s push for a U.S. banking license has taken on new clarity, thanks to insights drawn from official Federal Reserve documents. As highlighted by Mr. Man on X, the regulatory framework under 12 CFR § 262.3 outlines the specific procedures and deadlines that govern how applications, such as Ripple’s reported request for a national trust charter, are processed within the Federal Reserve System. These rules not only define clear timelines but also expose critical flexibilities that could accel...
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