§ 248a. Pricing of services
657 words·~3 min read·
/usc/title-12/section-248aA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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)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, § 11A, as added Pub. L. 96–221, title I, § 107, Mar. 31, 1980, 94 Stat. 140; amended Pub. L. 100–86, title VI, § 612(a), Aug. 10, 1987, 101 Stat. 652.)
Connections68 cite this · traces to 2
Cited by 68 sections · top 53
U.S. Code
- § 1841Definitions
- § 248Enumerated powers
- § 5465Operations of designated financial market utilities
- § 1851Prohibitions on proprietary trading and certain relationships with hedge funds and private equity funds
- § 4001Definitions
- § 226“Federal Reserve Act”
- § 1431Powers and duties of banks
- § 1795fPowers of Board
- § 248cMaster account and services database
register
- Rules and RegulationsFinal rule
- Rules and RegulationsPolicy statement
- Rules and RegulationsService Announcement
- Proposed RulesNotice of Proposed Rulemaking
- NoticesNotice of proposed order and request for comment
- NoticesFinal rule
- NoticesBoard of Governors of the Federal Reserve System
- NoticesBoard of Governors of the Federal Reserve System
- Rules and RegulationsFinal rule
- NoticesService Announcement
- UnknownFinal rule
- NoticesBoard of Governors of the Federal Reserve System
- Proposed RulesProposed rule; request for public comment
- Rules and RegulationsBoard of Governors of the Federal Reserve System
- NoticesNotice
- NoticesBoard of Governors of the Federal Reserve System
- Proposed RulesNotice of proposed rulemaking; request for public comment
- UnknownFinal rule
- Rules and RegulationsNotice, request for comment
- Rules and RegulationsRequest for information and comment
- NoticesFEDERAL RESERVE SYSTEM
- NoticesRequest for comment
- NoticesBoard of Governors of the Federal Reserve System
- NoticesOrder
- Rules and RegulationsNotice
- NoticesBoard of Governors of the Federal Reserve System
- NoticesBoard of Governors of the Federal Reserve System
- NoticesNotice, request for comment
- NoticesPolicy statement; request for comment
- NoticesNotice
statute-compilations
statutes-at-large
- Public Law 96–221To facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes
- Public Law 100–86To regulate nonbank banks, impose a moratorium on certain securities and insurance activities by banks, recapitalize the Federal Savings and Loan Insurance Corporation, allow emergency interstate bank acquisitions, streamline credit union operations, regulate consumer checkholds, and for other purpo
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
bill
- Sec. 2Payment services
- Sec. 606Implementation rules to preserve adequate competition in payment stablecoins
- Sec. 702Eligibility for Federal Reserve services to depository institutions
- Sec. 703Routing transit number issuance
- Sec. 3Issuance of payment stablecoins
- Sec. 706Implementation rules to preserve adequate competition in payment stablecoins
Traces to 2 documents
8 references not yet in our index
- Dec. 23, 1913, ch. 6, § 11A
- Pub. L. 96–221, title I, § 107
- 94 Stat. 140
- Pub. L. 100–86, title VI, § 612(a)
- 101 Stat. 652
- Pub. L. 100–86
- Pub. L. 100–86, title VI, § 612(b)
- section 108 of Pub. L. 96–221
Citation graph
cites case law
§ 248a
Pricing of services
Fed. Reg.×36
U.S.C.×13
Bills×8
Stat.×6
Stat. Comp.×3
C.F.R.×2
ActDec. 23, 1913, ch. 6, § 11A
Pub. L.Pub. L. 96–221, title I, § 107
Stat.94 Stat. 140
Pub. L.Pub. L. 100–86, title VI, § 612(a)
Stat.101 Stat. 652
Cites 10 · showing 7Cited by 68 across 6 sources