I 
116TH CONGRESS 
2D SESSION 
H. R. 8740 
To amend the Bank Service Company Act to cover credit unions to the 
same extent as such Act covers banks and savings associations, to provide 
the Director of the Federal Housing Finance Agency with the authority 
to regulate the provision of services provided to the Government-spon-
sored enterprises and Federal Home Loan Banks, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 12, 2020 
Mr. FOSTER introduced the following bill; which was referred to the 
Committee on Financial Services 
A BILL 
To amend the Bank Service Company Act to cover credit 
unions to the same extent as such Act covers banks 
and savings associations, to provide the Director of the 
Federal Housing Finance Agency with the authority to 
regulate the provision of services provided to the Govern-
ment-sponsored enterprises and Federal Home Loan 
Banks, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Strengthening Cyber-
security for the Financial Sector Act of 2020’’. 
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SEC. 2. INCLUSION OF CREDIT UNIONS UNDER THE BANK 
SERVICE COMPANY ACT. 
The Bank Service Company Act is amended— 
(1) in section 1(b) (12 U.S.C. 1861(b))— 
(A) by amending paragraph (1) to read as 
follows: 
‘‘(1) the term ‘appropriate Federal banking 
agency’— 
‘‘(A) has the meaning given that term 
under section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813); and 
‘‘(B) means the National Credit Union Ad-
ministration, in the case of a credit union;’’; 
(B) by amending paragraph (5) to read as 
follows: 
‘‘(5) the term ‘insured depository institution’— 
‘‘(A) has the meaning given that term 
under section 3 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1813); and 
‘‘(B) means an insured credit union, as de-
fined under section 101 of the Federal Credit 
Union Act (12 U.S.C. 1752);’’; 
(C) in paragraph (8), by striking ‘‘and’’ at 
the end; 
(D) in paragraph (9)— 
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(i) by inserting before ‘‘and’’ the fol-
lowing: ‘‘, ‘savings association’,’’; and 
(ii) by striking the period at the end 
and inserting a semicolon; and 
(E) by adding at the end the following: 
‘‘(10) the term ‘credit union’ means a Federal 
credit union or a State credit union; and 
‘‘(11) the terms ‘insured credit union’, ‘Federal 
credit union’, and ‘State credit union’ have the 
meaning given those terms, respectively, under sec-
tion 101 of the Federal Credit Union Act (12 U.S.C. 
1752).’’; 
(2) in section 2 (12 U.S.C. 1862), by striking 
‘‘banks or savings associations’’ and inserting ‘‘de-
pository institutions’’; and 
(3) in section 4 (12 U.S.C. 1864)— 
(A) in subsection (c), by striking ‘‘State 
bank or State savings association’’ each place 
such term appears and inserting ‘‘State bank, 
State savings association, or State credit 
union’’; 
(B) in subsection (d), by striking ‘‘national 
bank or Federal savings association’’ each place 
such term appears and inserting ‘‘national 
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bank, Federal savings association, or Federal 
credit union’’; and 
(C) in subsection (f), by striking ‘‘banks or 
savings associations’’ and inserting ‘‘depository 
institutions’’. 
SEC. 3. REGULATION OF SERVICE PROVIDERS BY FHFA. 
Subpart A of part 2 of subtitle A of the Federal 
Housing Enterprises Financial Safety and Soundness Act 
of 1992 (12 U.S.C. 4541 et seq.) is amended by adding 
at the end the following new section: 
‘‘SEC. 1329. REGULATION OF SERVICE PROVIDERS. 
‘‘Whenever a Federal Home Loan Bank or enterprise 
(or any subsidiary or affiliate of such a Bank or enter-
prise) causes to be performed for itself, by contract or oth-
erwise, any services, whether on or off its premises— 
‘‘(1) such performance shall be subject to regu-
lation and examination by the Director to the same 
extent as if such services were being performed by 
such Bank or enterprise itself on its own premises; 
and 
‘‘(2) the Bank or enterprise shall notify the Di-
rector of the existence of the service relationship 
within thirty days after the making of such service 
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contract or the performance of the service, whichever 
occurs first.’’. 
Æ 
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