12-U.S.C.-1867
§1867 – Regulation and Examination of Bank Service Companies
Pathway
Title 12 > Chapter 18 > Section 1867
Details
- Reference: Section 1867
- Legend: §1867 – Regulation and Examination of Bank Service Companies
- USCode Year: 2013
Provision Content
(a) Principal investor
A bank service company shall be subject to examination and regulation by the appropriate Federal banking agency of its principal investor to the same extent as its principal investor. The appropriate Federal banking agency of the principal shareholder or principal member of such a bank service company may authorize any other Federal banking agency that supervises any other shareholder or member of the bank service company to make such an examination.
(b) Applicability of section 1818 of this title
A bank service company shall be subject to the provisions of section 1818 of this title as if the bank service company were an insured depository institution. For this purpose, the appropriate Federal banking agency shall be the appropriate Federal banking agency of the principal investor of the bank service company.
(c) Services performed by contract or otherwise
Notwithstanding subsection (a) of this section, whenever a depository institution that is regularly examined by an appropriate Federal banking agency, or any subsidiary or affiliate of such a depository institution that is subject to examination by that agency, causes to be performed for itself, by contract or otherwise, any services authorized under this chapter, whether on or off its premises—
(1) such performance shall be subject to regulation and examination by such agency to the same extent as if such services were being performed by the depository institution itself on its own premises, and
(2) the depository institution shall notify each such agency of the existence of the service relationship within thirty days after the making of such service contract or the performance of the service, whichever occurs first.
(d) Issuance of regulations and orders
The Board and the appropriate Federal banking agencies are authorized to issue such regulations and orders as may be necessary to enable them to administer and to carry out the purposes of this chapter and to prevent evasions thereof.
(Pub. L. 87–856, §7, Oct. 23, 1962, as added Pub. L. 97–320, title VII, §709, Oct. 15, 1982, 96 Stat. 1543; amended Pub. L. 97–457, §32(b)(1), Jan. 12, 1983, 96 Stat. 2511; Pub. L. 104–208, div. A, title II, §2613(h), Sept. 30, 1996, 110 Stat. 3009–478; Pub. L. 109–351, title VI, §602(b)(5), Oct. 13, 2006, 120 Stat. 1980; Pub. L. 111–203, title III, §357(3), July 21, 2010, 124 Stat. 1548.)
Amendments
2010—Subsec. (c)(2). Pub. L. 111–203 inserted each after notify.
2006—Subsec. (b). Pub. L. 109–351, §602(b)(5)(A), substituted insured depository institution for insured bank.
Subsec. (c). Pub. L. 109–351, §602(b)(5)(B), substituted a depository institution for a bank in two places in introductory provisions and the depository institution for the bank in pars. (1) and (2).
1996—Pub. L. 104–208, §2613(h)(3), substituted companies for corporations in section catchline.
Subsec. (a). Pub. L. 104–208, §2613(h)(1), (2), substituted company for corporation wherever appearing and inserted or principal member after principal shareholder and or member after other shareholder.
Subsec. (b). Pub. L. 104–208, §2613(h)(1), substituted company for corporation wherever appearing.
1983—Subsec. (b). Pub. L. 97–457 substituted reference to section 1818 of this title for reference to the Financial Institutions Supervisory Act of 1966 (12 U.S.C. 1818(b) et seq.).
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective on the transfer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1861 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1861, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-1841 in the Legal Encyclopedia: Credit Institutions
In this entry about 12-U.S.C.-1841, find legal reference material, bibliographies and premiere content related to credit institutions in the American Encyclopedia of Law, presenting a comprehensive view of the United States credit institutions-specific issues, written by authorities in the field.
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