Tap any paragraph to write a margin note. Your notes collect in the Desk below the text and file under cases with @. The side-by-side margin rail opens on a larger screen.

§
Marginalia
Code · BILL · 118th Congress · S. 1501 (Introduced in Senate) — To amend the Bank Service Company Act to provide improvements with respect to State banking agencies, and for other p... · Sec. 2

Sec. 2. Bank Service Company Act improvements

374 words·~2 min read·/bill/118/s/1501/is/section-2·

A 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) ( 12 U.S.C. 1861(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 has the meaning given the term State bank supervisor in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ); ; in section 5(a) ( 12 U.S.C. 1865(a) ), by inserting , in consultation with the State banking agency, after agency ; and in section 7 ( 12 U.S.C. 1867 )— in subsection (a)— in the first sentence, by inserting or State banking agency after agency ; and in the second sentence, by inserting or State banking agency before that ; in subsection (c)— in the matter preceding paragraph (1), by inserting or a State banking agency after banking agency ; and 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. If a State bank is principal shareholder, principal member, shareholder, or member of a 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 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 if no such authority exists in State law. .
Connectionstraces to 5
Citation graph
cites case law
Sec. 2
Bank Service Company Act improvements
U.S.C.§ 1861
U.S.C.§ 1813
U.S.C.§ 1865
U.S.C.§ 1867
U.S.C.§ 1817
Cites 5Cited by 0 across 0 sources
★   the supreme law of the land   ★
Don't Tread on Me
E Pluribus Unum — out of many, one

"If you don't know your rights, you don't have any."

Marginalia · a citizen's law index
A research desk, not legal advice. Always read the cited source before relying on a summary.
Questions or an issue? support@self-law.org
disclaimerMarginalia is a research index, not a law firm. Nothing on this site is legal, tax, or financial advice and no attorney–client relationship is formed by using it. Statutes, regulations, and case law change; summaries, search results, AI output, and member posts may be incomplete, out of date, or wrong. Any interpretation drawn from material on this site should be validated by a licensed attorney in your jurisdiction before you act on it.