There will be no changes to prices for payment services in 2021, out of deference to the impact of the coronavirus crisis, the Federal Reserve said Tuesday in an early declaration of its plans for pricing in the year ahead.
According to the Fed, adhering to the current schedule for next year “recognizes the uncertainties created by the COVID-19 pandemic, and the difficulty in applying standard forecasting tools in this environment.”
Typically, the Fed said, it announces its pricing schedules near the end of the year. This time around, however, the agency said keeping most 2021 prices flat is meant to support the business planning of users and providers of payment services. Later this year, the Fed plans to publish a notice in the Federal Register for final fee schedules, effective Jan. 2, 2021, for payment services that the Federal Reserve Banks provide to depository institutions, the Fed added.
“The Board remains committed to establishing fee schedules in accordance with the Monetary Control Act of 1980, which requires that, over the long run, fees for Federal Reserve priced services be established to fully recover all direct and indirect costs, including certain imputed costs that would be borne by private sector providers of payment services,” the Fed said.