‘‘(II) all of the capital stock of
which is owned by 1 or more insured
savings associations; and
‘‘(ii) any limited liability company—
‘‘(I) that is organized to perform
services authorized by this Act or, in
the case of a company, 1 of the mem-
bers of which is a State savings asso-
ciation, authorized by applicable State
law; and
‘‘(II) all of the members of which
are 1 or more insured savings associa-
tions;
‘‘(B) the term ‘limited liability company’
means any company, partnership, trust, or
similar business entity organized under the law
of a State (as defined in section 3 of the Fed-
eral Deposit Insurance Act) that provides that
a member or manager of such company is not
personally liable for a debt, obligation, or liabil-
ity of the company solely by reason of being, or
acting as, a member or manager of such com-
pany; and
‘‘(C) the terms ‘State savings association’
and ‘subsidiary’ have the same meanings as in
section 3 of the Federal Deposit Insurance
Act.’’.
(2) CONFORMING AMENDMENTS TO SECTION 8
OF THE FEDERAL DEPOSIT INSURANCE ACT.—Sec-
tion 8 of the Federal Deposit Insurance Act (12
U.S.C. 1818) is amended—
(A) in subsection (b)(9), by striking ‘‘to
any service corporation of a savings association
and to any subsidiary of such service corpora-
tion’’;
(B) in subsection (e)(7)(A)(ii), by striking
‘‘(b)(8)’’ and inserting ‘‘(b)(9)’’; and
(C) in subsection (j)(2), by striking
‘‘(b)(8)’’ and inserting ‘‘(b)(9)’’.
(b) REGULATION AND EXAMINATION OF SERVICE
PROVIDERS FOR CREDIT UNIONS.—Title II of the Federal
Credit Union Act (12 U.S.C. 1781 et seq.) is amended
by inserting after section 206 the following new section:
‘‘SEC. 206A. REGULATION AND EXAMINATION OF CREDIT
UNION ORGANIZATIONS AND SERVICE PRO-
VIDERS.
‘‘(a) REGULATION AND EXAMINATION OF CREDIT
UNION ORGANIZATIONS.—
‘‘(1) GENERAL
EXAMINATION
AND
REGU-
LATORY AUTHORITY.—A credit union organization
shall be subject to examination and regulation by the
Board to the same extent as that insured credit
union.
‘‘(2) EXAMINATION BY OTHER BANKING AGEN-
CIES.—The Board may authorize to make an exam-
ination of a credit union organization in accordance
with paragraph (1)—
‘‘(A) any Federal regulator agency that su-
pervises any activity of a credit union organiza-
tion; or
‘‘(B) any Federal banking agency that su-
pervises any other person who maintains an
ownership interest in a credit union organiza-
tion.
‘‘(b) APPLICABILITY
OF SECTION 206.—A credit
union organization shall be subject to the provisions of
section 206 as if the credit union organization were an
insured credit union.
‘‘(c) SERVICE PERFORMED BY CONTRACT OR OTHER-
WISE.—Notwithstanding subsection (a), if an insured
credit union or a credit union organization that is regu-
larly examined or subject to examination by the Board,
causes to be performed for itself, by contract or otherwise,
any service authorized under this Act, or in the case of
a State credit union, any applicable State law, whether
on or off its premises—
‘‘(1) such performance shall be subject to regu-
lation and examination by the Board to the same ex-
tent as if such services were being performed by the
insured credit union or credit union organization
itself on its own premises; and
‘‘(2) the insured credit union or credit union or-
ganization shall notify the Board of the existence of
the service relationship not later than 30 days after
the earlier of—
‘‘(A) the date on which the contract is en-
tered into; or
‘‘(B) the date on which the performance of
the service is initiated.
‘‘(d) ADMINISTRATION BY THE BOARD.—The Board
may issue such regulations and orders as may be nec-
essary to enable the Board to administer and carry out
this section and to prevent evasion of this section.
‘‘(e) DEFINITIONS.—For purposes of this section—
‘‘(1) the term ‘credit union organization’ means
any entity that—
‘‘(A) is not a credit union;