S.Amdt. 2607

1. Adds SEC. ___. REGULATION AND EXAMINATION OF SERVICE PROVIDERS wherever appropriate

   Adds a section

   Inserted: SEC. ___. REGULATION AND EXAMINATION OF SERVICE PROVIDERS.

   Inserted: Title II of the Federal Credit Union Act (12 U.S.C. 1781 et seq.) is amended by striking section 206A (12 U.S.C. 1786a) and inserting the following:

   Inserted: "SEC. 206A. REGULATION AND EXAMINATION OF SERVICE PROVIDERS.

   Inserted: "(a) Service Performed by Contract or Otherwise.--If an insured credit union that is regularly examined or subject to examination by the Board, causes to be performed for itself, by contract or otherwise, any service authorized under this Act, or in the case of a State credit union, any applicable State law, whether on or off its premises--

   Inserted: "(1) such performance, including any cybersecurity practice, shall be subject to regulation and examination by the Board to the same extent as if such services were being performed by the insured credit union itself on its own premises; and

   Inserted: "(2) the insured credit union shall notify the Board of the existence of the service relationship not later than 30 days after the earlier of--

   Inserted: "(A) the date on which the contract is entered into; or

   Inserted: "(B) the date on which the performance of the service is initiated.

   Inserted: "(b) Administration by the Board.--The Board may issue such regulations and orders as may be necessary to enable the Board to administer and carry out this section and to prevent evasion of this section.".

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed