[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1109 Reported in House (RH)]
<DOC>
Union Calendar No. 234
118th CONGRESS
1st Session
H. R. 1109
[Report No. 118-290]
To amend the Bank Service Company Act to provide improvements with
respect to State banking agencies, and for other purposes.
_______________________________________________________________________
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]
_______________________________________________________________________
A BILL
To amend the Bank Service Company Act to provide improvements with
respect to State banking agencies, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Bank Service Company Examination
Coordination Act of 2023''.
SEC. 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) in paragraph (8), by striking ``and'' at the
end;
(B) by redesignating paragraph (9) as paragraph
(10); and
(C) by inserting after paragraph (8) the following:
``(9) 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; and'';
(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''; and
(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 examinations authorized by this section, shall--
``(1) provide reasonable and timely notice to the State
banking agency; and
``(2) to the fullest extent possible, coordinate and avoid
duplication of examination activities, reporting requirements,
and requests for information.'';
(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.''.
Union Calendar No. 234
118th CONGRESS
1st Session
H. R. 1109
[Report No. 118-290]
_______________________________________________________________________
A BILL
To amend the Bank Service Company Act to provide improvements with
respect to State banking agencies, and for other purposes.
_______________________________________________________________________
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