Frequently Asked Questions about the Federal Reserve's Roles in the Payment System

1. What are the Federal Reserve's roles in the payment system?

2. Who oversees the Federal Reserve Banks?

3. How does the Federal Reserve avoid conflicts among its many roles?

4. Under the Monetary Control Act, for what services are the Federal Reserve Banks required to charge fees?

5. What is the process through which the Federal Reserve Banks review their prices every year?

6. What costs are the Federal Reserve Banks required to recover through their fees?

7. What are the guiding principles under which Federal Reserve Banks provide financial services to depository institutions?

8. What criteria does the Federal Reserve consider before introducing a new service or major service enhancement?

9. When might the Federal Reserve Board request public comment on a priced service?

10. How does the Federal Reserve Board review and approve new priced-services products or changes to existing product fees and services?

11. When does the Federal Reserve Board conduct competitive-impact analyses? What is considered?

12. How can payment system participants express concerns about the Federal Reserve priced-services policies or practices?