9-1562
FEDERAL RESERVE
ACT
SECTION 11A—Pricing of
Services
(a) Not later than the
first day of the sixth month after the date of enactment of the Monetary
Control Act of 1980, the Board shall publish for public comment a
set of pricing principles in accordance with this section and a proposed
schedule of fees based upon those principles for Federal Reserve bank
services to depository institutions, and not later than the first
day of the eighteenth month after the date of enactment of the Monetary
Control Act of 1980, the Board shall begin to put into effect a schedule
of fees for such services which is based on those principles.
(b) The services which shall be covered by the schedule
of fees under subsection (a) are—
(1) currency and coin services;
(2) check clearing and collection
services;
(3) wire
transfer services;
(4)
automated clearinghouse services;
(5) settlement services;
(6) securities safekeeping services;
(7) Federal Reserve float;
and
(8) any new services
which the Federal Reserve System offers, including but not limited
to payment services to effectuate the electronic transfer of funds.
(c) The schedule of fees prescribed pursuant
to this section shall be based on the following principles:
(1) All Federal Reserve bank services covered
by the fee schedule shall be priced explicitly.
(2) All Federal Reserve bank services covered
by the fee schedule shall be available to nonmember depository institutions
and such services shall be priced at the same fee schedule applicable
to member banks, except that nonmembers shall be subject to any other
terms, including a requirement of balances sufficient for clearing
purposes, that the Board may determine are applicable to member banks.
(3) Over the long run,
fees shall be established on the basis of all direct and indirect
costs actually incurred in providing the Federal Reserve services
priced, including interest on items credited prior to actual collection,
overhead, and an allocation of imputed costs which takes into account
the taxes that would have been paid and the return on capital that
would have been provided had the services been furnished by a private
business firm, except that the pricing principles shall give due regard
to competitive factors and the provision of an adequate level of such
services nationwide.
(4) Interest on items credited prior to collection shall be charged
at the current rate applicable in the market for Federal funds.
(d) The Board shall require reductions
in the operating budgets of the Federal Reserve banks commensurate
with any actual or projected decline in the volume of services to
be provided by such banks. The full amount of any savings so realized
shall be paid into the United States Treasury.
(e) All depository institutions, as defined in section 19(b)(1) (12
U.S.C. 461(b)(1)), may receive for deposit and as deposits any evidences
of transaction accounts, as defined by section 19(b)(1) (12 U.S.C.
461(b)(1)) from other depository institutions, as defined in section
19(b)(1) (12 U.S.C. 461(b)(1)) or from any office of any Federal Reserve
bank without regard to any Federal or State law restricting the number
or the physical location or locations of such depository institutions.
[12 USC 248a.
As added by acts of March 31, 1980 (94 Stat. 140) and Aug. 10, 1987
(101 Stat. 652).]
