[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 1501 Introduced in Senate (IS)]
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118th CONGRESS
1st Session
S. 1501
To amend the Bank Service Company Act to provide improvements with
respect to State banking agencies, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 9, 2023
Mr. Cramer (for himself, Ms. Warren, Ms. Lummis, Ms. Hirono, Mr.
Boozman, and Mr. Rounds) introduced the following bill; which was read
twice and referred to the Committee on Banking, Housing, and Urban
Affairs
_______________________________________________________________________
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) (12 U.S.C. 1861(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' has the meaning given
the term `State bank supervisor' in section 3 of the Federal
Deposit Insurance Act (12 U.S.C. 1813);'';
(2) in section 5(a) (12 U.S.C. 1865(a)), by inserting ``,
in consultation with the State banking agency,'' after
``agency''; and
(3) in section 7 (12 U.S.C. 1867)--
(A) in subsection (a)--
(i) in the first sentence, by inserting
``or State banking agency'' after ``agency'';
and
(ii) in the second sentence, by inserting
``or State banking agency'' before ``that'';
(B) in subsection (c)--
(i) in the matter preceding paragraph (1),
by inserting ``or a State banking agency''
after ``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.--If a State bank is
principal shareholder, principal member, shareholder, or member of a
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 ``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 if no such authority exists in State law.''.
SEC. 3. DETERMINATION OF BUDGETARY EFFECTS.
The budgetary effects of this Act, for the purpose of complying
with the Statutory Pay-As-You-Go Act of 2010, shall be determined by
reference to the latest statement titled ``Budgetary Effects of PAYGO
Legislation'' for this Act, submitted for printing in the Congressional
Record by the Chairman of the House Budget Committee, provided that
such statement has been submitted prior to the vote on passage.
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