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§ 1867. —  Regulation and examination of bank service companies. - US § 1867. —  Regulation and examination of bank service companies. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC1867]

 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER 18--BANK SERVICE COMPANIES
 
Sec. 1867. Regulation and examination of bank service companies


(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 bank. 
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 bank that 
is regularly examined by an appropriate Federal banking agency, or any 
subsidiary or affiliate of such a bank 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 bank itself on its own premises, and
        (2) the bank shall notify 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, Sec. 7, Oct. 23, 1962, as added Pub. L. 97-320, title 
VII, Sec. 709, Oct. 15, 1982, 96 Stat. 1543; amended Pub. L. 97-457, 
Sec. 32(b)(1), Jan. 12, 1983, 96 Stat. 2511; Pub. L. 104-208, div. A, 
title II, Sec. 2613(h), Sept. 30, 1996, 110 Stat. 3009-478.)


                               Amendments

    1996--Pub. L. 104-208, Sec. 2613(h)(3), substituted ``companies'' 
for ``corporations'' in section catchline.
    Subsec. (a). Pub. L. 104-208, Sec. 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, Sec. 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.).




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