52906 Federal Register / Vol. 82, No. 219 / Wednesday, November 15, 2017 / Notices 

1The 10-year recovery rate is based on the pro 

forma income statements for Federal Reserve priced 

services published in the Board’s Annual Report. 

Effective December 31, 2006, the Reserve Banks 

implemented Statement of Financial Accounting 

Standards (SFAS) No. 158: Employers’ Accounting 

for Defined Benefit Pension and Other 

Postretirement Plans [Accounting Standards 

Codification (ASC) 715 Compensation—Retirement 

Benefits], which resulted in recognizing a 

cumulative reduction in equity related to the priced 

services’ benefit plans. Including this cumulative 

reduction in equity from 2007 to 2016 results in 

cost recovery of 95.6 percent for the ten-year period. 

This measure of long-run cost recovery is also 

published in the Board’s Annual Report. 

Type of Respondents: Persons 

desiring to operate as common carriers 

or conferences. 

Number of Annual Respondents: The 

Commission estimates there are 5,365 

Carrier Automated Tariffs. It is 

estimated that the number of annual 

respondents will be 1,425. 

Estimated Time Per Response: The 

time per response ranges from 0.1 to 2 

hours for reporting and recordkeeping 

requirements contained in the rules, and 

0.5 hours for completing Form FMC–1. 

Total Annual Burden: The 

Commission estimates the total hour 

burden at 2,408 hours. 

JoAnne D. O’ Bryant, 

Program Analyst. 

[FR Doc. 2017–24705 Filed 11–14–17; 8:45 am] 

BILLING CODE 6731–AA–P 

FEDERAL MARITIME COMMISSION 

Notice of Agreement Filed 

The Commission hereby gives notice 

of the filing of the following agreement 

under the Shipping Act of 1984. 

Interested parties may submit comments 

on the agreement to the Secretary, 

Federal Maritime Commission, 

Washington, DC 20573, within twelve 

days of the date this notice appears in 

the Federal Register. A copy of the 

agreement is available through the 

Commission’s Web site (www.fmc.gov) 

or by contacting the Office of 

Agreements at (202) 523–5793 or 

tradeanalysis@fmc.gov. 

Agreement No.: 201236. 

Title: MACS–CSAL Shipping 

Agreement. 

Parties: MACS Maritime Carrier 

Shipping Pte. Ltd. and CSAL CanadaStates-Africa Line Inc. 

Filing Party: Steven B. Chameides; 

Foley & Lardner LLP; 3000 K Street 

NW.; Washington, DC 20007. 

Synopsis: The agreement authorizes 

the parties to charter space from one 

another in the trade between the U.S. 

East and Gulf Coast on the one hand, 

and certain countries in Africa on the 

other hand. 

Dated: November 9, 2017. 

By Order of the Federal Maritime 

Commission. 

JoAnne D. O’Bryant, 

Program Analyst. 

[FR Doc. 2017–24708 Filed 11–14–17; 8:45 am] 

BILLING CODE 6731–AA–P 

FEDERAL RESERVE SYSTEM 

[Docket No. OP–1583] 

Federal Reserve Bank Services 

AGENCY: Board of Governors of the 

Federal Reserve System. 

ACTION: Notice. 

SUMMARY: The Board of Governors of the 

Federal Reserve System (Board) has 

approved the private sector adjustment 

factor (PSAF) for 2018 of $18.9 million 

and the 2018 fee schedules for Federal 

Reserve priced services and electronic 

access. These actions were taken in 

accordance with 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. 

DATES: The new fee schedules become 

effective January 2, 2018. 

FOR FURTHER INFORMATION CONTACT: For 

questions regarding the fee schedules: 

David C. Mills, Deputy Associate 

Director, (202) 530–6265; Emily 

Massaro, Financial Services Analyst, 

(202) 452–2493, Division of Reserve 

Bank Operations and Payment Systems. 

For questions regarding the PSAF: 

Lawrence Mize, Deputy Associate 

Director, (202) 452–5232; Max 

Sinthorntham, Senior Financial Analyst, 

(202) 452–2864, Division of Reserve 

Bank Operations and Payment Systems. 

For users of Telecommunications 

Device for the Deaf (TDD) only, please 

call (202) 263–4869. Copies of the 2018 

fee schedules for the check service are 

available from the Board, the Federal 

Reserve Banks, or the Reserve Banks’ 

financial services Web site at 

www.frbservices.org. 

I. Supplementary Information 

Private Sector Adjustment Factor, 

Priced Services Cost Recovery, and 

Overview of 2017 Price Changes 

A. Overview—Each year, as required 

by the Monetary Control Act of 1980, 

the Reserve Banks set fees for priced 

services provided to depository 

institutions. These fees are set to 

recover, over the long run, all direct and 

indirect costs and imputed costs, 

including financing costs, taxes, and 

certain other expenses, as well as the 

return on equity (profit) that will have 

been earned if a private business firm 

provided the services. The imputed 

costs and imputed profit are collectively 

referred to as the private-sector 

adjustment factor (PSAF). From 2007 

through 2016, the Reserve Banks 

recovered 101.8 percent of their total 

expenses (including imputed costs) and 

targeted after-tax profits or return on 

equity (ROE) for providing priced 

services.1

Table 1 summarizes 2016 actual, 2017 

estimated, and 2018 budgeted costrecovery rates for all priced services. 

Cost recovery is estimated to be 102.6 

percent in 2017 and budgeted to be 

100.0 percent in 2018. 

TABLE 1—AGGREGATE PRICED SERVICES PRO FORMA COST AND REVENUE PERFORMANCE a

[Dollars in millions] 

Year Revenue Total expense Net income 

(ROE) Targeted ROE 

Recovery rate 

after targeted 

ROE 

(%) 

1 b 2 c 3 

[1¥2] 

4 d 5 e

[1/(2 + 4)] 

2016 (actual) .......................................... 434.1 410.5 23.7 4.1 104.7 

2017 (estimate) ...................................... 442.3 426.3 16.0 4.6 102.6 


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