Fed holds line on 2021 payment services

Federal Issues Federal Reserve Covid-19 Payments

On July 21, the Federal Reserve Board announced that due to the uncertainties created by the Covid-19 pandemic, it will retain the current schedule of prices for most of its payment services to depository institutions in 2021. The Board notes that the pricing information is normally conveyed later in the year and that the Federal Register notice containing the final fee schedules will be released later in 2020. However, in order to “support the business planning of users and providers of payment services,” it wanted to provide early notice of “its intent to keep most 2021 prices flat.”