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#62792 - 02/21/03 02:50 PM Bank Service Company Act
mojoe472 Offline
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Joined: Feb 2003
Posts: 14
What are banks doing with regard to filing the proper notices to their regulator as per the Bank Service Company Act? What type of services being contracted from third parties are being reported to your bank regulator? Has anyone filed the "Notification of Performance of Bank Services Form 6120-06" with the FDIC or related form for another regulator for Internet Banking?
Thank you.

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#62793 - 02/21/03 03:44 PM Re: Bank Service Company Act
Pale Rider Offline
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Joined: Aug 2002
Posts: 34,318
under the Lone Star
We are examined by the FDIC but do not have any minority ownership interests in a bank service company. All interests are wholly owned or at the holding company level.
Societies that do not find work in and of itself "pleasing to God and requisite to Man," tend to be highly corrupt.

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#62794 - 02/24/03 01:41 PM Re: Bank Service Company Act
jwr1996 Offline
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Joined: Jan 2003
Posts: 163
Correct me if I am wrong, but I believe the Bank Service Company Act requires you to report the process provider whether you have an interest or not. I posed the specific question to the FDIC and they said if you are using a third-party provider to process transactions (ie. on-line bill pay), then you must report that vendor to the FDIC. See FIL 49-99 as well as the Act itself.

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#62795 - 02/28/03 06:11 PM Re: Bank Service Company Act
river rat Offline
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river rat
Joined: Feb 2003
Posts: 27
Last year our bank began outsourcing the cash letter and remittance side of operations. I sent a Notification of Performance of Bank Services to the FDIC and never heard back one way or another from them.

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