From the transcript

Most, if not all, institutions seeking this account would likely be uninsured. Even with the Federal Reserve's proposed limitations, the payment account proposal represents a fundamental shift in policy that could accelerate deposit migration to uninsured institutions and introduce new risks into the financial system. For example, uninsured institutions are more susceptible to runs, especially during times of stress. Further, payment accounts would pose as high, if not higher, illicit finance, operational, cyber secure— and cybersecurity risks as a full master account holder would. The Fed must adopt strong risk controls for payment accounts and apply those controls consistently across reserve banks.