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The Federal Reserve Board yesterday announced its approval of the fee schedules for payment services the Federal Reserve Banks provide to depository institutions in 2018. The changes are estimated to result in a 1.4 percent average price increase across their services.

With these fees, the Reserve Banks expect to recover 100 percent of their priced services costs, including actual and imputed expenses and profit that would have been earned if it were a private business providing the services.

The 2017 NAFCU Report on Credit Unions includes a breakdown of which Federal Reserve services credit unions use, as well as ratings of their quality and competitiveness of pricing.

The Fed approved $18.9 million for the 2018 private-sector adjustment factor (PSAF). The PSAF is an allowance for income taxes and other imputed expenses that would have been paid and profit that would have been earned if the priced services were provided by a private business.

The fee schedules will go into effect Jan. 2.