Better Oversight of Bank Service Companies: Federal-State Coordination of Examinations.
This law improves the supervision of companies providing critical services (like IT or data processing) to banks. It mandates coordination and prevents duplication of examinations between federal and state banking agencies. While technical, these changes aim to increase the security and stability of the banking system, indirectly protecting consumer deposits and financial data.
Key points
Strengthens the role of State banking agencies in overseeing companies that serve banks.
Federal and State regulators must now coordinate examinations to avoid redundant audits of the same service providers.
Facilitates the sharing of supervisory information between Federal and State agencies for more effective monitoring.
Expired
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