Bank Service Company Act

Posted By: mojoe472

Bank Service Company Act - 02/21/03 02:50 PM

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.
Posted By: Pale Rider

Re: Bank Service Company Act - 02/21/03 03:44 PM

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.
Posted By: jwr1996

Re: Bank Service Company Act - 02/24/03 01:41 PM

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.
Posted By: river rat

Re: Bank Service Company Act - 02/28/03 06:11 PM

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.