Bank Service Company Examination Coordination Act of 2019

Floor Speech

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Mr. MEEKS. Mr. Speaker, I rise today to speak in support of H.R. 241, the Bank Service Company Examination Coordination Act.

As chair of the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, I am very focused on the appropriate oversight of our banking sector and effective coordination among our bank regulators in overseeing the integrity and stability of individual banks and the banking system as a whole.

We learned in the most painful way possible during the financial crisis that failure to properly coordinate and gaps in regulatory oversight allow systemic risks to emerge.

In particular, with the enactment of this bill, State and Federal regulators will be directed to coordinate their work in auditing and monitoring technology solution providers in banking and the use of such technology. This type of coordination is key to giving consumers and average Americans faith in the stability of the banking system, security of the technology solutions used in banking, and will streamline regulatory oversight without cutting corners.

So I am pleased to join with my colleague, Mr. Williams, who has been a strong advocate of making sure that we have this kind of transparency in working together, and I urge all of my colleagues to vote ``aye'' on H.R. 241.

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