§ 248a. — Pricing of services.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC248a]
TITLE 12--BANKS AND BANKING
CHAPTER 3--FEDERAL RESERVE SYSTEM
SUBCHAPTER II--BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Sec. 248a. Pricing of services
(a) Publication of pricing principles and proposed schedule of fees;
effective date of schedule of fees
Not later than the first day of the sixth month after March 31,
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 March 31, 1980, the Board shall begin to put into
effect a schedule of fees for such services which is based on those
principles.
(b) Covered services
The services which shall be covered by the schedule of fees under
subsection (a) of this section 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) Criteria applicable
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) Budgetary consequences of decline in volume of services
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) Parity in clearing
All depository institutions, as defined in section 461(b)(1) of this
title, may receive for deposit and as deposits any evidences of
transaction accounts, as defined by section 461(b)(1) of this title from
other depository institutions, as defined in section 461(b)(1) of this
title 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.
(Dec. 23, 1913, ch. 6, Sec. 11A, as added Pub. L. 96-221, title I,
Sec. 107, Mar. 31, 1980, 94 Stat. 140; amended Pub. L. 100-86, title VI,
Sec. 612(a), Aug. 10, 1987, 101 Stat. 652.)
Amendments
1987--Subsec. (e). Pub. L. 100-86 added subsec. (e).
Effective Date of 1987 Amendment
Section 612(b) of Pub. L. 100-86 provided that: ``The amendment made
by subsection (a) [amending this section] shall take effect on the date
of enactment of this title [Aug. 10, 1987].''
Effective Date
Section effective on first day of sixth month which begins after
Mar. 31, 1980, see section 108 of Pub. L. 96-221, set out as an
Effective Date of 1980 Amendment note under section 248 of this title.
Section Referred to in Other Sections
This section is referred to in sections 461, 1431, 1795f, 1841 of
this title.
