View PDF

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

F e d e r a l R e s e r v e Ba n k o f D a lla s
DALLAS. T E X A S

75222

Circular No. 81-54
March 13, 1981

PROCEDURES REGARDING CLEARING BALANCES,
CHARGES FOR SYSTEM SERVICES, AND PRICING

TO THE CHIEF EXECUTIVE OFFICER OF
ALL FINANCIAL INSTITUTIONS IN THE
ELEVENTH FEDERAL RESERVE DISTRICT:
Printed on the following pages is the text of a press release and
attachm ent issued on February 27, 1981, from the Board of Governors of the
Federal Reserve System announcing the adoption of three sets of procedures
designed to implement the service pricing requirements of the Monetary Control
Act of 1980. The procedures cover clearing balances, charges for System
services, and pricing.
Questions regarding pricing and access to Federal Reserve services
should be directed to E. W. Vorlop, Jr., Vice President and Controller, Ext. 6223
or Larry J. Reck, Vice President, Ext. 6337 a t the Dallas Office; Robert W.
Schultz, Assistant Vice President, (915) 544-4730 at the El Paso Office; Sammie
Clay, Assistant Vice President, (713) 659-4433 at the Houston Office; or
Thomas H. Robertson, Assistant Vice President, (512) 224-2141 at the San
Antonio Office.
Sincerely yours,
William H. Wallace
First Vice President

Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank:
1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the
extension referred to above.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

FEDERAL RESERVE press release

For immediate r e l e a s e

February 2 7

, 1981

The Federal Reserve Board today announced i t s adoption o f
t h r e e s e t s o f procedures designed to implement the s e r v i c e p r ic in g
requirements of the Monetary Control Act of 1980.

The procedures

supplement the p r ic in g p r i n c i p l e s announced by the Board on December 31,
1980, and include:

1) procedures f o r the a d m i n is t r a ti o n of c l e a r i n g

balances; 2) g u id elin es f o r b i l l i n g c y c le s , s e r v i c e charge statements
and payments f o r s e r v ic e charges; and 3) in te rim procedures f o r
i n i t i a t i o n and review of changes in fees and s e r v i c e s .

A document cont aining th ese procedures, as approved by the
Board, is attached .

2

FEDERAL RESERVE SYSTEM
PROCEDURES FOR ADMINISTRATION OF CLEARING
BALANCES, SERVICE CHARGES, A D INTERIM
N
PRICE A D SERVICE CHANGES*
N
FEBRUARY 27, 1981

CONTENTS

I.

CLEARING BALANCES: ESTABLISHMENT, EARNINGS CREDITS,
M
AINTENANCE A D FEES FOR DEFICIENCIES.............................
N
(Approved by t h e Board on 2/18/81)

II.

SERVICE CHARGES: BILLING CYCLES, STATEMENTS,
ADM
N
ETHODS OF PAYM
ENT FOR FEDERAL RESERVE SERVICES.
(Approved by t h e Board on 2/18/81)

III.

*

INTERIM PROCEDURES FOR PRICING ADMINISTRATION............................................
(Approved by th e Board on 2/25/81)

These procedures supplement th e p ricin g p r i n c i p l e s announced by th e Board
of Governors on December 31, 1980. The procedures will be modified, or
a d dition al procedures will be e s t a b l i s h e d , as th e need a r i s e s .

3

8

I.

CLEARING BALANCES: ESTABLISHMENT, EARNINGS CREDITS,
MAINTENANCE, A D FEES FOR DEFICIENCIES
N

The Board of Governors has author ized Federal Reserve Banks t o e s t a ­
b l i s h c l e a r i n g balances f o r e l i g i b l e i n s t i t u t i o n s with zero or small required
re serv e balances, in order t o f a c i l i t a t e access to Federal Reserve s e r v i c e s . 1_/
Clearing balances help t o avoid account o v e r d r a f t s and t h e i r a s so c ia te d c o s t s ,
and w ill earn c r e d i t s which may be used to o f f s e t charges f o r Federal Reserve
s e r v i c e s . I n s t i t u t i o n s t h a t may e s t a b l i s h a c l e a r i n g balance include domestic
d eposito ry i n s t i t u t i o n s , United S t a t e s branches and agencies of fo reign banks,
Edge Act corp oration s and Federal Home Loan Banks.
A.

E sta b lish in g and Adjusting the Clearing Balance Level

In e s t a b l i s h i n g th e i n i t i a l c l e a r i n g balance a Reserve Bank w ill
d is c u s s with an i n s t i t u t i o n i t s expected use of s e r v i c e s . These d is cu ssion s
w ill focus on both th e volume of se rv ic e s and the type of se rv ic e s th e i n s t i t u ­
t i o n intends to use and th e need to avoid account o v e r d r a f t s . For example,
use of th e wire t r a n s f e r s e rv ic e r e s u l t s in an i rrev o cab le t r a n s a c t i o n which
may r e q u i r e a g r e a t e r c l e a r i n g balance than another higher volume se rvice
involving revocable t r a n s a c t i o n s .
Adjustments in th e amount of an i n s t i t u t i o n ' s c l e a r i n g balance may
r e s u l t from changes in i t s o v er d raf t experience or in i t s use of s e r v i c e s .
S a t i s f a c t o r y maintenance of th e c l e a r in g balance with no o v e r d r a f t s may, with
Reserve Bank approval, enable an i n s t i t u t i o n t o reduce i t s c l e a r i n g balance.
Conversely, a p a t te r n of repeated large o v e r d r a f ts may be reason f o r a Reserve
Bank t o r eq u ire an in crease in an i n s t i t u t i o n ' s c l e a r in g balance. S i m i la rl y ,
a decrease in the use of Federal Reserve s e r v i c e s may be reason to consider
decreasing an i n s t i t u t i o n ' s c l e a r i n g balances, whereas an in crease in th e use
of s e rv ic e s may be reason to consider in creasin g the c l e a r i n g balance r e q u i r e ­
ment. Adjustments in th e c le a r in g balance level will be disc ussed in advance
with th e f i n a n c i a l i n s t i t u t i o n . Such adjustments will be made no more than
once a month and will be e f f e c t i v e with th e maintenance period beginning t h e
f i r s t Thursday of each month.
For monetary control purposes i t i s important t h a t an i n s t i t u t i o n ' s
c l e a r i n g balance be maintained a t i t s agreed upon (required) l e v e l . The Federal
Reserve has developed procedures, including f in a n c i a l i n c e n t i v e s , which are
designed to encourage maintenance of a c l e a r i n g balance at t h e required l e v e l .
These procedures include earnings c r e d i t s , account maintenance procedures
and fees f o r d e f i c i e n c i e s .

1/

An i n s t i t u t i o n may e l e c t to s e t t l e th e c r e d i t s and d e b i t s a r i s i n g from
i t s use of Federal Reserve s e r v i c e s in one of th e following ways: (a)
through i t s own account at a Reserve Bank which may c o n s i s t of a reserve
balance and/or a c l e a r i n g balance; (b) by means of p r i o r arrangements,
through an account maintained by a correspondent a t a Reserve Bank; and
(c) i f i t maintains r eserv es with a pass-through correspondent and has made
p r i o r arrangements, through th e pass-through r e serv e account maintained at
a Reserve Bank.
4

B.

Earnings C red it s

Earnings c r e d i t s on c l e a r i n g balances may only be used to o f f s e t
charges f o r Federal Reserve s e r v i c e s . The average fed eral funds r a t e f o r
t h e weekly maintenance period will be th e b a s is f o r c a l c u l a t i n g earnings
c r e d i t s . This r a t e i s published weekly in Federal Reserve s t a t i s t i c a l r e l e a s e
H.15(519), "Selected I n t e r e s t Rate s."
C redits will be computed on th e l e s s e r of th e required c l e a r in g
balance or the actual c l e a r i n g balance maintained ( a f t e r adjustments and
c a r r y - f o rw a r d s ) . The c a l c u l a t i o n of earnings c r e d i t s will be lagged
two
weeks beyond th e c lo s e of the weekly maintenance period so as t o minimize th e
number of times when earnings c r e d i t s must be r e c a l c u l a t e d because of "as-of"
adjustments to the base.J_/ I f an as -o f adjustment a f f e c t s t h e level of th e
c l e a r i n g balance held during a period more than two weeks p r i o r to th e date
t h a t the adjustment i s made, t h e Reserve Bank will analyze th e e f f e c t on
earnings c r e d i t s c a l c u l a t e d f o r t h a t period. Any c o r r e c ti o n will be made to
earnings c r e d i t s a v a i l a b l e in th e cu rrent or a f u t u r e b i l l i n g cycle.
I f a v a i l a b l e earnings c r e d i t s exceed th e Federal Reserve charges
incurred during a given month, unused c r e d i t s will be accumulated f o r use
in subsequent months. Credits will be r e t a in e d f o r a maximum of 52 weeks, and
will be applied against s e rv ic e charges using th e f i r s t - i n , f i r s t - o u t method.
Earnings c r e d i t s are not t r a n s f e r a b l e among accounts.
C.

Account Maintenance Procedures

Account maintenance procedures generally will be the same whether
balances in th e account are c l e a r in g or r eserve bala nces, or both, in o rder to
aid in account a d m in istr a tio n f o r both f i n a n c i a l i n s t i t u t i o n s and the Reserve
Banks. S i m i l a r i t i e s between a d m in istr a tio n of r eserve and c l e a r i n g accounts
include:
o
o

carry-forward prov isions ( f o r any excess or d ef icien cy which does
not exceed 2 percent of the required account balance)

o

y

weekly maintenance period (from Thursday through Wednesday)

provisions f o r "as-of" adjustments

The term "as-of" and oth er s i m i l a r technic al terms used in t h i s document
are best explained by d i r e c t co n ta ct with th e Federal Reserve o f f i c e t h a t
serves the area in which an i n s t i t u t i o n is located.

5

o

provisions f o r monitoring d a y lig h t o v e r d r a f t s

o

charges f o r overnight o v e r d r a f t s ( o v e r d r a f t s are penalized cu r ­
r e n t l y by charging a fee of 10 percent per annum)

o

provisions f o r waiving charges f o r infreq uent and small o v e r d ra f ts

I f an i n s t i t u t i o n meets i t s r eserv e requirements with e i t h e r v a u lt
cash or with a pass-through r e l a t i o n s h i p with a correspondent, i t may e s t a b l i s h
i t s own account a t a Reserve Bank through which i t s e t t l e s th e d e b i ts and
c r e d i t s a r i s i n g from i t s use of Federal Reserve s e r v i c e s . Such an account
would contain a c l e a r i n g balance only, and would be administered independently
of th e i n s t i t u t i o n ' s require d r e s e r v e s . The account maintenance procedures
l i s t e d above will apply to th e account maintained f o r c l e a r i n g purposes, and
t h e carry-forward pro vision will be 2 percent of th e required c l e a r i n g b a la n c e .
I f a d eposito ry i n s t i t u t i o n has a reser ve account with a Federal
Reserve o f f i c e and a requ ired c l e a r i n g balance i s e s t a b l i s h e d f o r the i n s t i ­
t u t i o n , both t h e r e se r v e balance and the c l e a r i n g balance w ill be administered
in a s in g l e account. The depository i n s t i t u t i o n will be expected to maintain
a d a i l y average balance f o r th e week equal t o the sum of i t s required r eserv e
balance and i t s require d c l e a r i n g balance. At the end of each weekly maintenance
period, t h e balance held with a Reserve o f f i c e ( a f t e r a p p l i c a t i o n of any a s -o f
adjustment and/or carry-forward) w ill be a l l o c a t e d f i r s t to th e required
c l e a r i n g balance and second t o th e require d r eserv e balance. Thus, i f th e
average balance held with a Reserve o f f i c e during the weekly maintenance period
i s l e s s than th e t o t a l require d b a l a n c e - - c le a r in g plus required r e s e r v e - - t h e
depository i n s t i t u t i o n will be considered d e f i c i e n t in i t s required reserve
balance. A c l e a r i n g balance d eficiency will occur only when th e d ef icien cy in
th e average t o t a l balance exceeds th e required reserve balance. I f th e average
balance exceeds t h e require d t o t a l balance, t h e i n s t i t u t i o n will be considered
t o be holding an excess reserve balance. The carry forward provision fo r
excesses or d e f i c i e n c i e s will be 2 percent of t h e t o t a l require d balance
( c l e a r i n g plus r e s e r v e ) . Neither excess nor required reserve balances will
generate earnings c r e d i t s .
Of course, a dep osito ry i n s t i t u t i o n t h a t maintains i t s required
r eserves on a pass-through b a s is or in v au lt cash may obtain a v a il a b l e
Federal Reserve s e rv i c e s d i r e c t l y from i t s Federal Reserve o f f i c e without e s t a ­
b l i s h i n g a c le a r in g balance account. (See fo otn ote 1, Section I , page 1 and
Section I I . D . , page 6 ) .
D.

Fees f o r D e f ic ie n c ie s

The notable exception between th e a d m in istr a tio n of reserve and
c l e a r i n g balances i s t h a t a def ic ie n c y in a require d c l e a r i n g balance i s

6

charged fo r at a d i f f e r e n t r a t e than a def ic ie n c y in a require d reserve ba­
lance. A charge of 2 percent per annum will apply t o t h a t po rtio n of any
c le a r i n g balance def ic ie n c y ( a f t e r a p p l i c a t i o n of carry over) which does not
exceed 20 percent of th e required c l e a r i n g balance. Any remaining d eficien cy
(above the amount equal t o 20 percent of the require d c l e a r i n g balance) w ill be
s ubje ct to a charge at 4 percent per annum.
As in reserve a d m i n i s t r a ti o n , Reserve Banks may waive th e charge fo r
infre quent c le a r in g balance d e f i c i e n c i e s when th e charge i s small and th e
d eficiency i s not the r e s u l t of negligence by the depository i n s t i t u t i o n .
Reserve Banks will monitor th e incidence of d e f i c i e n c i e s and will meet with a
dep osito ry i n s t i t u t i o n which demonstrates a repeated i n a b i l i t y to maintain
th e required level to d isc u ss how to manage b e t t e r i t s t o t a l (res erve plus
c l e a r i n g ) balance.

* * * * * * * * *

7

II.

SERVICE CHARGES: BILLING CYCLES, STATEMENTS, A D
N
M
ETHODS OF PAYM
ENT FOR FEDERAL RESERVE SERVICES

The Federal Reserve System has developed guidelines f o r statem ents
o f charges in curre d f o r Federal Reserve s e rv i c e s and f o r methods of payment
f o r th o se charges by t h e re s p o n s ib le Reserve Bank customer. The g u id elin es
include: uniform b i l l i n g cycles ( th e periods over which s e r v i c e charges are
i n c u r r e d ) , uniform procedures f o r applying a v a i l a b l e earnings c r e d i t s t o o f f s e t
s e r v ic e charges, a standard in t e r v a l between th e end of th e b i l l i n g cy cle and
t h e d e b i ti n g of charges (not o f f s e t by earnings c r e d i t s ) t o a designated account
and minimum standards f o r d e s c r i p t i v e information t o be provided to customers
about th e s e r v ic e s used and charges in cu rred .
These g u i d e l i n e s will be implemented with th e s t a r t of the p r ic in g
o f , and f u l l access t o , Federal Reserve check s e r v i c e s , now scheduled f o r
August, 1981. P r i o r t o t h a t time, each Reserve Bank w ill use i t s own procedures
on an interim b a s i s .
The g u id e li n e s w ill provide procedural consistency among Reserve
Bank d i s t r i c t s . However, t h e Reserve Banks will r e t a i n f l e x i b i l i t y in th e f o r ­
mat of se rv ice charge statements and in the frequency of s e rv ic e charge no tices
to t h e i r customers.
Before implementation, t h e Reserve Banks will provide Federal Reserve
customers with a t l e a s t two summary statements of s e r v i c e s used and charges
in cu rred to t e s t th e s e procedures.
A.

Uniform B i l l i n g Cycles

There will be twelve b i l l i n g cycles per y ear over which charges f o r
Federal Reserve s e r v ic e s w ill be accrued. Each b i l l i n g cycle will end on th e
l a s t Wednesday of t h e cal en dar month, and w ill cover e i t h e r a fo ur- or f i v e week period.
B.

Minimum Standards f o r Statements of Service Charges

At minimum, a monthly summary statement of s e rv ic e charges in cu rred
over the cycle will be provided d i r e c t l y or i n d i r e c t l y t o Federal Reserve
customers. The statement will be provided by t h e Reserve Bank no l a t e r than
th e Wednesday following th e clo se of th e b i l l i n g cycle ( i . e . , no l a t e r than
th e f i r s t Wednesday of th e subsequent month).

8

I t i s the i n t e n t of th e Federal Reserve System to r e f l e c t on t h e
statement th e Federal Reserve s e rv i c e s used during th e b i l l i n g cycle by type
of t r a n s a c t i o n , with asso ciated u n i t volume, u n it pr ic e f o r th e se rv ice and
t o t a l charges f o r the s e r v i c e . However, some Reserve Banks may not be im­
mediately in a p o si ti o n to provide t h i s minumum d e t a i l on th e monthly statement
but will be able, during the in te r im , to provide adequate d e t a i l in some a l t e r ­
n ativ e form.
Each Reserve Bank will provide i t s customers with a l i s t of persons
who can respond to questions about each type of s e rv ic e charge.
C.

Application of Earnings C red its

Earnings c r e d i t s a v a i la b l e at the end of th e b i l l i n g cycle will be
used immediately to o f f s e t s e rv ic e charges accrued. (See Section I . B . , page 2 . )
As of th e end of th e b i l l i n g cycle in each cale ndar month, earnings c r e d i t s
a v a i l a b l e are defined as earnings c r e d i t s imputed to c l e a r i n g balances main­
t a i n e d through the r e s e r v e / c l e a r i n g statement period ending two weeks p r i o r to
the end of th e b i l l i n g cycle. I f a v a i l a b l e earnings c r e d i t s exceed se rv ice
char ges, excess earnings c r e d i t s may be c a r r i e d forward f o r up t o 52 weeks
and applied to s e rv ic e charges in cu rred in subsequent b i l l i n g c y c le s . I f
a v a i l a b l e earnings c r e d i t s are i n s u f f i c i e n t to cover se rv ice charges, the
remaining se rv ice charges will be debited t o a previously designated account
at a Federal Reserve Bank.
D.

Debit of Service Charges to the Responsible Account

On th e t h i r d Thursday following t h e close of each b i l l i n g cy cle
(or on the next business day i f t h a t Thursday i s a h o lid a y ) , th e account of
the user of Federal Reserve se rv ic e s or th e designated account of th e u s e r ' s
correspondent will be charged f o r the amount by which s e rv ic e charges exceed
a v a i l a b l e earnings c r e d i t s .

9

1981 FEDERAL RESERVE BILLING CYCLES

The following cale n dar d e p ic ts th e g u id elin es f o r charges f o r Federal
Reserve s e r v i c e s . The noted dates are i d e n t i f i e d as follows:
i n d i c a t e s th e l a s t day of the se rv ice charge cycle; always f a l l s on
the l a s t Wednesday of a month.

o
□

i n d i c a t e s t h e day by which the monthly statement of s e rv ic e charges
f o r th e previous se rv ice charge cycle should be provided by th e
Reserve Bank; i s no l a t e r than the f i r s t Wednesday of th e subsequent
month.

­

i n d i c a t e s th e day on which th e designated account i s debited f o r
s e rv ic e charges in excess of a v a i l a b l e earnings c r e d i t s incurred in
th e previous month.

A

1981
July
s

M

August

(TEST PERIOD)
T

Z lT

F

CD 2

3 4
5 6
8 ^ JO 11
12 13 14 15|l6 17 18
19 20 21 22i23 24 25
26 27 28(|§ )3 0 31

1
2 3 4[]D 6 7 8
9 10I1112 A , 1 4 15
16 17 18 19J20 21 22
23
30

24
31

W

1 2 3
9 10
4 5 6Q ]
11 12 13 a
t 16 17
18 19 20J21 !22|23 24
25 26

M

M

W

26)27 28 29

November

October
M

M

s

September

IW

w

1
6 7 8

4 5
9, A .11 12
i
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 2 9 g )
December
s

M

|W

|T

1 2 3 [D a5 6 7
8 9 10 1 1 ^ 1 3 14
15 16 17 18119120 21
2223124(25)26 27 28

20 21

29'3ol

27 28 2 9 0 3 1

10

6 7 8
13 14 15

F

s

4 5
.11 12
18 19
25 26

III.

INTERIM PROCEDURES FOR PRICING ADMINISTRATION

The p r ic in g of f in a n c i a l se rv ic e s supplied by th e Federal Reserve
System t o f i n a n c i a l i n s t i t u t i o n s will have a s i g n i f i c a n t impact on both t h e
Federal Reserve and th e f i n a n c i a l community. The System has a r e s p o n s i b i l i t y
t o adopt ad m i n i s t r a t i v e procedures f o r p ricin g t h a t w ill meet th e needs of
Reserve Banks in ad ju s tin g to a new environment and the needs of the f i n a n c i a l
community f o r advance information about changes.
In i t s December 31, 1980 announcement of p ricing d e c i s io n s , th e Board
of Governors o utlined a procedure f o r p ric ing a d m in istr a tio n t h a t contemplated
even tually placing primary r e s p o n s i b i l i t y f o r i n i t i a t i o n of p r i c e and se rv ice
changes with t h e Reserve Banks, and review of c e r t a i n proposed changes by th e
Conference of F i r s t Vice P r e s i d e n t s . During th e i n i t i a l phase of p r ic i n g ,
however, th e Board a n t i c i p a t e d t h a t major policy issu es would a r i s e , and t h a t
th e r e s o l u t i o n of those iss u es could a f f e c t both Federal Reserve Banks and
p r i v a t e s u p p l i e r s of interbank s e r v i c e s . To advise t h e Board on those major
i s s u e s , a P ric in g Policy Committee c o n s i s ti n g of r e p r e s e n t a t i v e s from the
Board and th e Reserve Banks has been e s t a b l i s h e d .
The procedures outlin ed below are intended to r e t a i n f l e x i b i l i t y f o r
t h e Reserve Banks to undertake p rice and se rv ic e changes in response t o local
c o nditio ns and, simultaneously, t o develop a common Systemwide framework f o r
p r ic in g d e c i s i o n s . These in terim procedures will be reviewed in 1982 a f t e r
th e System has gained experience with pric in g a d m in i s tr a t i o n .
A.

The Role of th e Board of Governors

The Monetary Control Act s p e c i f i e s t h a t the Board must put in to
e f f e c t a s e t of p ricin g p r i n c i p l e s and a schedule of fees f o r Federal Reserve
bank se rv ic e s t o dep osito ry i n s t i t u t i o n s . The Board's r e s p o n s i b i l i t i e s f o r
p ricin g ad m in istratio n are as follows:
1)

to e s t a b l i s h th e i n i t i a l fee s t r u c t u r e f o r each se rv ic e;

2)

t o approve proposed changes
se rv ice;

3)

to iss ue gu idelines f o r th e use of p ricing techniques, such as
peak-load p r i c i n g , designed
t o encourage e f f i c i e n t use of
reso urces;

11

in th e fe e s t r u c t u r e f o r each

4)
5)

to approve proposed changes in s e rv ic e s which r a i s e major
policy iss u e s ;

6)

B.

t o determine annually the ap prop riate ness of continuing to price
ACH a t i t s expected long-run average cost;

to provide o versig ht of th e Reserve Bank implementation of
access t o , and p r ic in g o f, s e rv ic e s in accordance with th e
Board's p ricing p r i n c i p l e s . ( The p r i c in g p r i n c i p l e s are con­
t ain ed in t h e Federal Reserve press r e l e a s e of December 31,
1980.)

The Role of th e P r i c in g Policy Committee

The P ric in g Poli cy Committee, as th e p rin cipal p ricin g policy advisory
group to th e Board of Governors, has th r e e major r e s p o n s i b i l i t i e s :
1)

to advise th e Board on a l l s i g n i f i c a n t p ricing i s s u e s , including
operating procedures (such as b i l l i n g and c l e a r i n g b a lan ces ),
fe e s t r u c t u r e s and se rv ice s t r u c t u r e s ;

2)

t o monitor changes in fees and s e r v i c e s , i n i t i a t e d e i t h e r
by a Reserve Bank or through th e Conference of F i r s t Vice
P r e s i d e n t s , t o ensure t h a t th e p ricing p r i n c i p l e s previously
announced by the Board are i n t e r p r e t e d c o n s i s t e n t l y ; and to
submit to th e Board of Governors f o r i t s approval any change
t h a t r a i s e s a major policy issue;

3)

to a s s i s t t h e Board of Governors in i t s implementation of p r ic in g
and in th e oversig ht of progress toward meeting the System goal
of matching revenues and c o s ts f o r priced s e r v i c e s .

To f u l f i l l th e s e r e s p o n s i b i l i t i e s , th e P ri c in g Policy Committee will
undertake th e following s p e c i f i c assignments:
o

Review, p r i o r to announcement, the proposed
f o r a l l priced se rv ic e s ;

o

Review, p r i o r to announcement, proposed s i g n i f i c a n t changes in
p r i c e s or se rv ic e s ;

o

E stab lish Reserve Bank re p o rtin g procedures necessary t o provide
data needed to advise the Board of Governors on pricin g iss u e s
and progress in matching revenues and c o s t s .

12

1982 fee schedules


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102