Bank Service Company Examination Coordination Act of 2016

Bill: 114-hr-5807
Sponsor: full_name: Rep. Duffy, Sean P. [R-WI-7]
Introduced: 2016-07-14
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

State and local government operations
Latest action: action_date: 2016-07-14
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-07-14
action_desc: Introduced in House
text: <p><b>Bank Service Company Examination Coordination Act of 2016</b></p> <p>This bill amends the Bank Service Company Act to allow the appropriate federal banking agency with respect to the principal shareholder or principal member of a bank service company to authorize a state banking agency (in addition to any other federal banking agency, as under current law) that supervises any other shareholder or member to make an examination of the bank service company.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5807 IN THE HOUSE OF REPRESENTATIVES July 14, 2016 Mr. Duffy (for himself, Mr. Williams , and Mr. Meeks ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Bank Service Company Act to permit the appropriate Federal banking agencies to coordinate examinations of bank service companies with State banking agencies, and for other purposes.

1. Short title This Act may be cited as the Bank Service Company Examination Coordination Act of 2016 . 2. Examination by State banking agencies The Bank Service Company Act ( 12 U.S.C. 1861 et seq. ) is amended— (1) in section 1(b)— (A) in paragraph (8), by striking and at the end; (B) in paragraph (9), by striking the period and inserting ; and ; and (C) by adding at the end the following: (10) the term State banking agency has the meaning given the term State bank supervisor under section 3 of the Federal Deposit Insurance Act. ; and (2) in section 7— (A) in subsection (a), by inserting after other Federal banking agency the following: or a State banking agency ; and (B) in subsection (c), by inserting after Federal banking agency the following: or a State banking agency .