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The text of the bill below is as of Dec 1, 2023 (Reported by House Committee).
Union Calendar No. 234
[Report No. 118–290]
IN THE HOUSE OF REPRESENTATIVES
February 21, 2023
Mr. Williams of Texas (for himself, Mr. Meeks , and Mr. Hill ) introduced the following bill; which was referred to the Committee on Financial Services
December 1, 2023
Additional sponsors: Mr. Case and Mr. Lawler
December 1, 2023
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
Strike out all after the enacting clause and insert the part printed in italic
For text of introduced bill, see copy of bill as introduced on February 21, 2023
To amend the Bank Service Company Act to provide improvements with respect to State banking agencies, and for other purposes.
This Act may be cited as the Bank Service Company Examination Coordination Act of 2023 .
Bank Service Company Act improvements
The Bank Service Company Act ( 12 U.S.C. 1861 et seq. ) is amended—
in paragraph (8), by striking and at the end;
by redesignating paragraph (9) as paragraph (10); and
by inserting after paragraph (8) the following:
the term shall have the same meaning given the term under section 3 of the Federal Deposit Insurance Act; and
in section 5(a), by inserting , in consultation with the State banking agency, after banking agency ; and
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 ; 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:
Availability of information
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.
Coordination with State Banking Agencies
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:
Rule of construction
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.
December 1, 2023
Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed
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