Sec. 2. Bank Service Company Act improvements
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/bill/116/hr/241/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Bank Service Company Act ( 12 U.S.C. 1861 et seq.) is amended— in section 1(b)— by redesignating paragraphs
(2)through
(9)as paragraphs
(3)through (10), respectively; and by inserting after paragraph
(1)the following: the term State banking agency shall have the same meaning given the term State Bank Supervisor under section 3 of the Federal Deposit Insurance Act; ; in section 5(a), by inserting , in consultation with the State banking agency, after banking agency ; and in section 7— in subsection (a)— in the first sentence, by inserting or State banking agency after appropriate Federal banking agency ; and in the second sentence, by striking Federal banking agency that supervises any other shareholder or member and inserting Federal or State banking agency that supervises any other shareholder or member ; in subsection (c)— by inserting or a State banking agency after appropriate Federal banking agency ; by striking such agency each place such term appears and inserting such Federal or State agency ; by redesignating subsection
(d)as subsection (f); by inserting after subsection
(c)the following: Information obtained pursuant to the regulation and examination of service providers under this section or applicable State law may be furnished by and accessible to Federal and State agencies to the same extent that supervisory information concerning depository institutions is authorized to be furnished to and required to be accessible by Federal and State agencies under section 7(a)(2) of the Federal Deposit Insurance Act ( 12 U.S.C. 1817(a)(2) ) or State law, as applicable. Where a State bank is principal shareholder or principal member of a bank service company or where a State bank is any other shareholder or member of the bank service company, the appropriate Federal banking agency, in carrying out examinations authorized by this section, shall— provide reasonable and timely notice to the State banking agency; and to the fullest extent possible, coordinate and avoid duplication of examination activities, reporting requirements, and requests for information. ; in subsection (f), as so redesignated, by inserting , in consultation with State banking agencies, after appropriate Federal banking agencies ; and by adding at the end the following: Nothing in this section shall be construed as granting authority for a State banking agency to examine a bank service company where no such authority exists in State law. .
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