Bank Service Company Examination Coordination Act of 2017

Bill: 115-hr-3626
Sponsor: full_name: Rep. Williams, Roger [R-TX-25]
Introduced: 2017-07-28
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

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State and local government operations
Latest action: action_date: 2018-11-02
text: Placed on the Union Calendar, Calendar No. 788.

Summaries:
action_date: 2017-07-28
action_desc: Introduced in House
text: <p><b>Bank Service Company Examination Coordination Act of 2017</b></p> <p>This bill amends the Bank Service Company Act to require the coordination of state banking agencies with federal banking agencies in regulating and examining the activities of bank service companies. It also allows for the sharing of&nbsp;information related to examinations and regulations between federal and state agencies. </p>

action_date: 2018-11-02
action_desc: Reported to House with amendment(s)
text: <p><b>Bank Service Company Examination Coordination Act of 2017</b></p> <p>This bill amends the Bank Service Company Act to require the coordination of state banking agencies with federal banking agencies in regulating and examining the activities of bank service companies. It also allows for the sharing of&nbsp;information related to examinations and regulations between federal and state agencies. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3626 IN THE HOUSE OF REPRESENTATIVES July 28, 2017 Mr. Williams introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Bank Service Company Act to provide improvements with respect to State banking agencies, and for other purposes.

1. Short title This Act may be cited as the Bank Service Company Examination Coordination Act of 2017 . 2. Bank Service Company Act improvements The Bank Service Company Act ( 12 U.S.C. 1861 et seq.) is amended— (1) in section 1(b)— (A) by redesignating paragraphs (2) through (9) as paragraphs (3) through (10), respectively; and (B) by inserting after paragraph (1) the following: (2) the term State banking agency shall have the same meaning given the term State Bank Supervisor under section 3 of the Federal Deposit Insurance Act; ; (2) in section 5(a), by inserting , in consultation with the State banking agency, after banking agency ; and (3) in section 7— (A) in subsection (a)— (i) in the first sentence, by inserting or State banking agency after appropriate Federal banking agency ; and (ii) 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 ; (B) in subsection (c)— (i) by inserting or a State banking agency after appropriate Federal banking agency ; (ii) by striking such agency each place such term appears and inserting such Federal or State agency ; (C) by redesignating subsection (d) as subsection (f); (D) by inserting after subsection (c) the following: (d) 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. (e) 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 the examination duties authorized by this section, shall— (1) provide reasonable and timely notice to, and consult with the State banking agency; and (2) to the fullest extent possible, coordinate and avoid duplication of examination activities, reporting requirements, and requests for information. ; and (E) in subsection (f), as so redesignated, by inserting , in consultation with State banking agencies, after appropriate Federal banking agencies .

tv_txt: IB Union Calendar No. 788 115th CONGRESS 2d Session H. R. 3626 [Report No. 115–1007] IN THE HOUSE OF REPRESENTATIVES July 28, 2017 Mr. Williams introduced the following bill; which was referred to the Committee on Financial Services November 2, 2018 Additional sponsors: Mr. Meeks , Mrs. Love , Mrs. Wagner , Mr. Budd , and Mr. Gonzalez of Texas November 2, 2018 Reported with amendments, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Omit the part struck through and insert the part printed in italic A BILL To amend the Bank Service Company Act to provide improvements with respect to State banking agencies, and for other purposes.

1. Short title This Act may be cited as the Bank Service Company Examination Coordination Act of 2017 . 2. Bank Service Company Act improvements The Bank Service Company Act ( 12 U.S.C. 1861 et seq.) is amended— (1) in section 1(b)— (A) by redesignating paragraphs (2) through (9) as paragraphs (3) through (10), respectively; and (B) by inserting after paragraph (1) the following: (2) the term State banking agency shall have the same meaning given the term State Bank Supervisor under section 3 of the Federal Deposit Insurance Act; ; (2) in section 5(a), by inserting , in consultation with the State banking agency, after banking agency ; and (3) in section 7— (A) in subsection (a)— (i) in the first sentence, by inserting or State banking agency after appropriate Federal banking agency ; and (ii) 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 ; (B) in subsection (c)— (i) by inserting or a State banking agency after appropriate Federal banking agency ; (ii) by striking such agency each place such term appears and inserting such Federal or State agency ; (C) by redesignating subsection (d) as subsection (f); (D) by inserting after subsection (c) the following: (d) 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. (e) 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 the examination duties examinations authorized by this section, shall— (1) provide reasonable and timely notice to , and consult with the State banking agency; and (2) to the fullest extent possible, coordinate and avoid duplication of examination activities, reporting requirements, and requests for information. ; and (E) in subsection (f), as so redesignated, by inserting , in consultation with State banking agencies, after appropriate Federal banking agencies . ; and (F) by adding at the end the following: (g) 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. .

November 2, 2018 Reported with amendments, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed