U.S Code last checked for updates: Nov 22, 2024
§ 1867.
Regulation and examination of bank service companies
(a)
Principal investor
(b)
Applicability of section 1818 of this title
(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
(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.)
cite as: 12 USC 1867