12 U.S.C. § 1867 : US Code - Section 1867: Regulation and examination of bank service companies

Search 12 U.S.C. § 1867 : US Code - Section 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 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 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.