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Bank Service Company Examination Coordination Act of 2023
12/15/2023, 4:07 PM
Summary of Bill S 1501
Bill 118 s 1501, also known as the Bank Service Company Examination Coordination Act of 2023, aims to improve the coordination and efficiency of examinations of bank service companies by federal and state regulatory agencies.
The bill requires federal banking agencies to establish a process for coordinating examinations of bank service companies with state regulatory agencies. This process will help reduce duplication of efforts and ensure that examinations are conducted in a timely and effective manner.
Additionally, the bill requires federal banking agencies to develop guidelines for conducting examinations of bank service companies, including criteria for determining the frequency and scope of examinations. This will help ensure that examinations are focused on areas of highest risk and are conducted in a consistent and fair manner. Overall, the Bank Service Company Examination Coordination Act of 2023 aims to streamline the examination process for bank service companies, improve regulatory oversight, and enhance the safety and soundness of the banking system.
The bill requires federal banking agencies to establish a process for coordinating examinations of bank service companies with state regulatory agencies. This process will help reduce duplication of efforts and ensure that examinations are conducted in a timely and effective manner.
Additionally, the bill requires federal banking agencies to develop guidelines for conducting examinations of bank service companies, including criteria for determining the frequency and scope of examinations. This will help ensure that examinations are focused on areas of highest risk and are conducted in a consistent and fair manner. Overall, the Bank Service Company Examination Coordination Act of 2023 aims to streamline the examination process for bank service companies, improve regulatory oversight, and enhance the safety and soundness of the banking system.
Congressional Summary of S 1501
Bank Service Company Examination Coordination Act of 2023
This bill requires the coordination of state banking agencies with federal banking agencies in regulating and examining the activities of bank service companies. It also allows for the sharing of information related to examinations and regulations between federal and state agencies.
Read the Full Bill
Current Status of Bill S 1501
Bill S 1501 is currently in the status of Bill Introduced since May 9, 2023. Bill S 1501 was introduced during Congress 118 and was introduced to the Senate on May 9, 2023. Bill S 1501's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of May 9, 2023
Bipartisan Support of Bill S 1501
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 1501
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill S 1501
Bank Service Company Examination Coordination Act of 2023
Bank Service Company Examination Coordination Act of 2023
A bill to amend the Bank Service Company Act to provide improvements with respect to State banking agencies, and for other purposes.
Comments
Sponsors and Cosponsors of S 1501
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