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Improved Coordination for Bank Service Company Oversight

This act enhances cooperation between federal and state banking agencies in overseeing companies that provide services to banks. The goal is to increase the safety and stability of the financial sector, indirectly protecting citizens' funds in banks. With better coordination, citizens can feel more secure knowing that financial institutions are more effectively monitored.
Key points
Introduces a definition for 'State banking agency' to facilitate cooperation between different levels of oversight.
Requires consultation with state agencies during examinations of bank service companies, ensuring more comprehensive oversight.
Enables information sharing between federal and state agencies, increasing transparency and efficiency of examinations.
Mandates coordination of examination activities to avoid duplication and reduce burdens on supervised entities.
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Status:
Expired
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Additional Information
Bank Service Company Examination Coordination Act of 2021
Print number: S 1230
Sponsor: Sen. Cramer, Kevin [R-ND]
Process start date: 2021-04-20
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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Summary & Status

Key Questions about Improved Coordination for Bank Service Company Oversight

A structured overview of the legislative process, official sources, status and civic context.

What is the official ID of this bill?

The official print number for this legislation is S 1230.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-04-20.

What are the main provisions?

Key points include:

  • Introduces a definition for 'State banking agency' to facilitate cooperation between different levels of oversight.
  • Requires consultation with state agencies during examinations of bank service companies, ensuring more comprehensive oversight.
  • Enables information sharing between federal and state agencies, increasing transparency and efficiency of examinations.
  • Mandates coordination of examination activities to avoid duplication and reduce burdens on supervised entities.

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 Sen. Cramer, Kevin [R-ND].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

Analysis and Potential Impact of S 1230

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge. Review our public AI processing logs for full transparency, and use Lustra to track active legislation for instant status push notifications.

CATEGORIES

Economy