§1865. Prior approval for investments in bank service companies — Inbound Citations
12 U.S.C. § 1865
Cited by 2 provisions in release 119-102.
Citations to 12 U.S.C. § 1865 as a whole
-
Without regard to the provisions of sections 1864 and 1865 of this title, an insured depository institution may invest in a bank service company that performs, and a bank service company may perform, the following services only for depository institutions: check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a depository institution.
Citations to §1865(b)
-
(b) Except as permissible under subsection (c), (d), or (e) or with the prior approval of the Board under section 1865(b) of this title in accordance with subsection (f) of this section—(1) a bank service company shall not perform the services authorized by this section in any State other than that State in which its shareholders or members are located; and(2) all insured bank shareholders or members of a bank service company shall be located in the same State.