Rep. Gregory Meeks Advocates for Communication Among Federal and State Banking Regulators
WASHINGTON, D.C. – Rep. Gregory W. Meeks (NY-05) and Rep. Roger Williams (TX-25) reintroduced the bipartisan Bank Service Company Examination Coordination Act (BSCECA) of 2023 to make banking supervision more efficient and more effective.
“The proposed legislation ensures that there is constant communication between Federal and State banking regulators,” said Congressman Meeks. “In a dual-banking system, it is important to avoid duplication in areas like examinations, reporting requirements, and information requests. This legislation is intended to do just that.”
The legislation would amend the Bank Service Company Act to allow federal banking agencies and state banking agencies to coordinate efforts directly and through third-party service providers.
“There is an urgent need to relieve regulatory burdens on community banks and resolve the current inefficiencies between state and federal coordination,” said Congressman Williams. “This legislation will allow regulators at each level of government to share the results of their regulatory exams and avoid duplicative actions. Our financial systems should not be bogged down with bureaucracy but given the resources and means to better communicate across the banking system and expand their services to consumers.”
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