Page:United States Statutes at Large Volume 120.djvu/2011

 120 STAT. 1980

PUBLIC LAW 109–351—OCT. 13, 2006

‘‘(e) PERFORMANCE WHERE STATE BANK AND NATIONAL BANK ARE SHAREHOLDERS OR MEMBERS.—A bank service company may perform— ‘‘(1) only those services that each depository institution shareholder or member is otherwise authorized to perform under any applicable Federal or State law; and ‘‘(2) such services only at locations in a State in which each such shareholder or member is authorized to perform such services.’’; and (E) in subsection (f), by inserting ‘‘or savings associations’’ after ‘‘location of banks’’. (4) PRIOR APPROVAL OF INVESTMENTS.—Section 5 of the Bank Service Company Act (12 U.S.C. 1865) is amended— (A) in subsection (a)— (i) by striking ‘‘insured bank’’ and inserting ‘‘insured depository institution’’; and (ii) by striking ‘‘bank’s’’; and (iii) by inserting before the period ‘‘for the insured depository institution’’; (B) in subsection (b)— (i) by striking ‘‘insured bank’’ and inserting ‘‘insured depository institution’’; (ii) by inserting ‘‘authorized only’’ after ‘‘performs any service’’; and (iii) by inserting ‘‘authorized only’’ after ‘‘perform any activity’’; and (C) in subsection (c)— (i) by striking ‘‘the bank or banks’’ and inserting ‘‘any insured depository institution’’; and (ii) by striking ‘‘capability of the bank’’ and inserting ‘‘capability of the insured depository institution’’. (5) REGULATION AND EXAMINATION.—Section 7 of the Bank Service Company Act (12 U.S.C. 1867) is amended— (A) in subsection (b), by striking ‘‘insured bank’’ and inserting ‘‘insured depository institution’’; and (B) in subsection (c)— (i) by striking ‘‘a bank’’ each place that term appears and inserting ‘‘a depository institution’’; and (ii) by striking ‘‘the bank’’ each place that term appears and inserting ‘‘the depository institution’’. SEC. 603. AUTHORIZATION FOR MEMBER BANK TO USE PASS-THROUGH RESERVE ACCOUNTS.

Section 19(c)(1)(B) of the Federal Reserve Act (12 U.S.C. 461(c)(1)(B)) is amended by striking ‘‘which is not a member bank’’. SEC. 604. STREAMLINING REPORTS OF CONDITION.

Deadlines.

VerDate 14-DEC-2004

13:05 Jul 12, 2007

Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 1817(a)) is amended by adding at the end the following: ‘‘(11) STREAMLINING REPORTS OF CONDITION.— ‘‘(A) REVIEW OF INFORMATION AND SCHEDULES.—Before the end of the 1-year period beginning on the date of enactment of the Financial Services Regulatory Relief Act of 2006 and before the end of each 5-year period thereafter, each Federal banking agency shall, in conjunction with the other relevant Federal banking agencies, review the information and schedules that are required to be filed

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