The Reserve Banks are also  BIS Review 38/2006  3  leaders in providing Check 21 services to encourage depository institutions to shift to the greater use of electronics in check processing and have been working collaboratively with the industry on electronic check standards and other technical issues.
Most importantly, the Reserve Banks will continue to compete as payment services providers on a fair and equitable basis by pricing their services to recover their costs, including imputed profits and taxes, as required by the Monetary Control Act of 1980. In its role as a regulator, the Federal Reserve will need to be alert to the application of regulations in changing circumstances.