Regulatory Alerts2018-04-26
Examination of Bank Service Providers Act
The Alabama Legislature enacted the Examination of Bank Service Providers Act to authorize the Superintendent of Banks to examine third-party service providers serving state-supervised banks. The statute defines covered services, including data processing and internet-related activities, while exempting general internet platforms and licensed legal services from mandatory examination. The Act further permits the Superintendent to accept prior regulatory examination results, share confidential reports with relevant entities, and enter into joint examinations or corrective agreements with other supervisory agencies.
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