§1863. Permissible bank service company activities for depository institutions
As of today
View this section as of a date
Notable points in this section's history
Latest NOW As last amended Oct 13, 2006 — Pub. L. 109–35112 U.S.C. § 1863
Without regard to the provisions of sections 1864 and 1865 of this title, an insured depository institution may invest in a bank service company that performs, and a bank service company may perform, the following services only for depository institutions: check and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of checks, statements, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a depository institution.
Notes, amendments, and revision history
(Pub. L. 87–856, § 3, Oct. 23, 1962, 76 Stat. 1132; Pub. L. 97–320, title VII, § 709, Oct. 15, 1982, 96 Stat. 1541; Pub. L. 104–208, div. A, title II, § 2613(d), Sept. 30, 1996, 110 Stat. 3009–477; Pub. L. 109–351, title VI, § 602(a), Oct. 13, 2006, 120 Stat. 1978.)
Editorial Notes
Amendments
2006—Pub. L. 109–351 substituted “insured depository institution” for “insured bank”.
1996—Pub. L. 104–208 substituted “company” for “corporation” wherever appearing in section catchline and text.
1982—Pub. L. 97–320 substituted provisions relating to permissible bank service corporation activities for depository institutions for provisions that a bank service corporation must provide bank services to a bank that applied for them if the applying bank competed with a bank which held stock in the corporation unless comparable services were available elsewhere at competitive cost or furnishing the services would be beyond the practical capacity of the corporation.