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The announcement from the Fed, made Wednesday, came after banks pressured regulators for months to let financial companies restore dividends.
Coinbase will also let financial traders speculate on the the price of bitcoin against pounds and euros on its exchange.
Still, some students say they are unwilling to let financial constraints dictate where they go to college.
At issue was a 2001 state law that let financial institutions share or sell customer information unless customers told them not to, a system known as "opt out".
The biggest danger is damage to the Federal Reserve's credibility if it is seen as unwilling to let financial institutions face the consequences of their decisions.
Finance surged in the 80's partly because deregulation removed old ceilings on interest rates and let financial institutions offer new services.
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Sources said the government is also looking at letting financial institutions for the first time issue certificates of deposit.
On at least one front, though, SecondMarket is taking advantage of relaxed regulations that went into effect just this week letting financial firms publicly market their private funds.
He asserted that "there is an inherent financial conflict of interest" in letting financial services companies, which have an interest in promoting their own brands, administer plans.
A program that lets financial institutions temporarily swap risky investments, like shunned mortgage-backed securities, for supersafe Treasury securities also is covered.
And if by pricking a bubble a central bank causes a recession, that may still be better than the alternative of letting financial imbalances worsen, raising the spectre of a much deeper recession when the bubble eventually does burst.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com