How does the Federal Reserve Board review and approve new priced-services products or changes to existing product fees and services?
The Board establishes prices for Reserve Bank services, pursuant to section 11A of the Federal Reserve Act. In certain circumstances, the Board has delegated its authority in this area to the Director of Reserve Bank Operations and Payment Systems (RBOPS) or to the Financial Services Policy Committee (FSPC). The FSPC may further delegate its authority to the appropriate financial services product director. Four categories of price and service change proposals have been defined: non-routine, routine, accelerated, and pre-approved. The product director will inform the Director of RBOPS of a proposed change to a nationally priced service before approval. The Director of RBOPS will determine the classification of the proposal. From Price- and Service-Change Proposals, issued 1981; revised 1999.
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