Bank Service Company Examination Coordination Act of 2023

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.