[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3626 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 788
115th CONGRESS
  2d Session
                                H. R. 3626

                         [Report No. 115-1007]

  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

                             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.


 


    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 2017''.

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) 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.''.
                                                 Union Calendar No. 788

115th CONGRESS

  2d Session

                               H. R. 3626

                         [Report No. 115-1007]

_______________________________________________________________________

                                 A BILL

  To amend the Bank Service Company Act to provide improvements with 
       respect to State banking agencies, and for other purposes.

_______________________________________________________________________

                            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