(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.
1-105.1
(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).]
