Rep. Williams Increases Coordination between State and Federal Banking Regulators

WASHINGTON, D.C. – Congressman Roger Williams (TX-25) and Congressman Gregory Meeks (NY-05) reintroduced the bipartisan Bank Service Company Examination Coordination Act (BSCECA) to make banking supervision more efficient.

“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.”

“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.” 

“State bank regulators applaud Rep. Williams and Rep. Meeks for common-sense legislation that will improve collaboration of state and federal oversight of third-party service providers. The Bank Service Company Examination Coordination Act will help make financial services safer and provide better protections for consumers nationwide,” said Jim Cooper, Conference of State Bank Supervisors President and CEO.