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Improved Coordination for Bank Service Company Oversight

New rules aim to streamline cooperation between federal and state agencies overseeing companies that provide services to banks. This will make oversight more efficient, potentially leading to greater financial stability and security for citizens' funds. Citizens may indirectly benefit from improved oversight of financial institutions.
Key points
Introduces a definition for 'State banking agency' to facilitate cooperation.
Requires federal agencies to consult with state banking agencies when overseeing bank service companies.
Ensures information sharing between federal and state agencies to avoid duplication of examinations and data requests.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_HR_2270
Sponsor: Rep. Williams, Roger [R-TX-25]
Process start date: 2021-03-26
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Bank Service Company Examination Coordination Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2270.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-26.

What are the main provisions?

Key points include:

  • Introduces a definition for 'State banking agency' to facilitate cooperation.
  • Requires federal agencies to consult with state banking agencies when overseeing bank service companies.
  • Ensures information sharing between federal and state agencies to avoid duplication of examinations and data requests.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Williams, Roger [R-TX-25].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy