What are the guiding principles under which Federal Reserve Banks provide financial services to depository institutions?
The Board has adopted the following pricing principles, which incorporate both the specific statutory requirements of the Monetary Control Act and provisions intended to fulfill its legislative intent: • All Federal Reserve Bank services covered by the fee schedule shall be priced explicitly. • 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. • 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 that takes into account the taxes th
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