Federal Reserve Bank Services — 2003-10-28 [03-27123]

The Board has approved the 2004 fee schedules for Federal Reserve priced services and electronic connections and a private-sector adjustment factor (PSAF) for 2004 of $179.7 million. These actions were taken in accordance with the requirements of the Monetary Control Act of 1980, which requires that, over the long run, fees for Federal Reserve priced services be established on the basis of all direct and indirect costs, including the PSAF. The Board has also approved changing the earnings credit rate on clearing balances from the federal funds rate to 90 percent of the three-month Treasury bill rate, and changing the limit on the frequency of changes to contracted clearing balances from once per month to as often as each maintenance period.