[PeterPrinciple]

I may be in error. change was from fdic to fed reserve bank? still federal but surely more friendly.?

Change is a great way to hide things.

[Liz]

Democrat Maxine Waters chairs the Financial Services Committee.

The Committee oversees all components of the nation’s housing and financial services sectors
including banking, insurance, real estate, public and assisted housing, and securities.

[DoodleBob]

He also clarified previous Protos reporting which suggested the bank hadn’t been a Federal Reserve account holder until last year, stating that Moonstone had indeed been a Federal Reserve account holder, but “switched from FDIC as their regulator to the Fed of SF.”

Per the Fed, "Each separately chartered institution may have one master account at a designated Reserve Bank, with three exceptions (see Exceptions to One Master Account Rule). The master account is both a record of financial transactions that reflects the financial rights and obligations of an account holder and of the Reserve Bank with respect to each other, and the place where opening and closing balances are determined. For each institution, all credits and debits resulting from the use of Federal Reserve services at any Federal Reserve office are booked to this single master account at one Reserve Bank. All overnight and daylight credit is disbursed and repaid through this account, and the Reserve Bank holding the account manages the credit risk posed by the institution's use of Federal Reserve services."

Thus, they were able to access the Fed's services, but the FDIC was their primary regulator.

The switch to the San Francisco Fed as their primary regulator is worth a question or two.