My boss attended a risk management seminar in Chicago this week, and a presenter cited FDIC financial institution letter 49-99. This was a reminder to FDIC regulated banks about the requirements of the above act, and that if banks contract with third-party service providers for things like data processing or delivery of internet banking, they must contact the FDIC on a special form.
Our question - does the Bank Service Company Act apply to all banks, or just FDIC-supervised institutions? We're a Fed bank, and we're introducing internet banking through a third party later this year - I need to figure out if we have any notification requirements.
Also, where can I get my hands on a copy of the Act itself?
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