Section 1 Short title
This Act may be cited as the “Bank Service Company Examination Coordination Act of 2016”.
Bank Service Company Examination Coordination Act of 2016
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.
Sec. 2 Examination by State banking agencies
The Bank Service Company Act (12 U.S.C. 1861 et seq.) is amended—
in section 1(b)—
in paragraph (8), by striking “and” at the end;
in paragraph (9), by striking the period and inserting “; and”; and
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.”
in section 7—
in subsection (a), by inserting after “other Federal banking agency” the following: “or a State banking agency”; and
in subsection (c), by inserting after “Federal banking agency” the following: “or a State banking agency”.