The dispute is another headache for Biden Fed nominee Sarah Bloom Raskin and Democrats hoping to confirm her to be one of the most powerful bank regulators.
The Colorado Division of Banking on Tuesday objected to the Federal Reserve Bank of Kansas City's description of how it came to classify fintech company Reserve Trust as a bank.
Republicans say Raskin called the KC Fed to lobby on behalf of Reserve Trust, which was approved for a master account in 2018. Raskin joined Reserve Trust's board in May 2017, months after leaving her post as the Treasury Department's deputy secretary, as it worked to retool its application for a Fed master account. The firm was approved for a master account in 2018. Raskin left Reserve Trust in 2019.
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