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Improved Coordination for Bank Service Company Oversight

New rules enhance cooperation between federal and state agencies overseeing companies that provide services to banks. This aims to improve financial security and avoid duplicate inspections, which can indirectly affect bank stability and the protection of citizens' deposits.
Key points
Introduces a definition for 'State banking agency' to standardize terminology.
Strengthens collaboration between federal and state agencies in supervising bank service companies.
Ensures better information sharing and accessibility between supervisory agencies, increasing transparency.
Requires federal agencies to notify and coordinate with state banking agencies to avoid redundant examinations.
article Official text account_balance Process page
Expired
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No votes cast
Additional Information
Print number: 118_HR_1109
Sponsor: Rep. Williams, Roger [R-TX-25]
Process start date: 2023-02-21
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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 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1109.

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 2023-02-21.

What are the main provisions?

Key points include:

  • Introduces a definition for 'State banking agency' to standardize terminology.
  • Strengthens collaboration between federal and state agencies in supervising bank service companies.
  • Ensures better information sharing and accessibility between supervisory agencies, increasing transparency.
  • Requires federal agencies to notify and coordinate with state banking agencies to avoid redundant examinations.
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: Placed on the Union Calendar, Calendar No. 234.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy