Bank Service Company Examination Coordination Act of 2017

Bill 115 hr 3626, also known as the Bank Service Company Examination Coordination Act of 2017, aims to improve the coordination and efficiency of examinations of financial institutions that use third-party service providers. The bill was introduced in the House of Representatives on July 28, 2017.

The main purpose of this bill is to streamline the examination process for banks and other financial institutions that rely on third-party service providers for various services. By coordinating examinations between the financial institution and the service provider, the bill seeks to reduce duplication of efforts and ensure that examinations are conducted in a timely and efficient manner.

The bill also includes provisions to enhance information sharing between regulatory agencies and service providers, in order to improve oversight and compliance with regulatory requirements. Additionally, the bill aims to promote consistency in examination procedures and standards across different regulatory agencies. Overall, the Bank Service Company Examination Coordination Act of 2017 is intended to enhance the effectiveness of regulatory oversight of financial institutions that use third-party service providers, while also reducing the burden on both the institutions and the service providers. The bill has received bipartisan support in Congress and is currently under consideration in the House Financial Services Committee.