I am reading "Bank Service Company Act". I just want confirm if I understand it correctly?
The rules apply to my bank only if Bank has investment in certain service company (under section 3 definition).
If we (Bank) don't have any investment in any bank related service company, we don't need to report anything, right?
OR, we need to report any vendors that perform: check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a depository institution
Appreciate any feedback/comments!